Transactions worth Sh8.7 trillion were conducted through mobile money agents in 2024, underscoring the importance of mobile money in the daily lives of Kenyans.
Data from Central Bank of Kenya (CBK) shows the agents recorded a Sh744 billion or a 9.4 percent growth from the Sh7.95 trillion in 2023.
The amount dealt is equivalent to 53 percent of Kenya’s gross domestic product (GDP) of Sh15.1 trillion.
The growth came at a time when the code of sending money was scrapped, which initially compelled customers on Airtel Money to withdraw cash within a week of receipt or the money would be reverted to the sender.
Communications Authority of Kenya (CA) in one of the reviews in 2024 noted, “There was growth in mobile money following the removal of withdrawal codes for transactions sent from M-Pesa to Airtel Money making it possible to transfer funds directly between the two mobile wallets.”
Additionally, the proportion of Kenya’s population with access to formal financial inclusion has risen in recent years, driven mostly by mobile technology, a survey part conducted by the CBK last year showed.
Mobile money has played a critical role in catalysing financial inclusion over the years which stood at 85 percent in 2024 compared to just 27 percent in 2006.
Financial inclusion refers to how households utilise and consume financial products to meet their financial needs and life priorities.
Mobile money remains the most popular financial platform, according to 2024 FinAccess household survey that reported 82.3 percent of households in Kenya use the service to meet their financial needs.
The CBK data also indicated that the number of active agents rose to a record high of 383,624 in November last year before dropping to 381,116 in December.
According to CA, M-Pesa commands 92.3 percent of the mobile money market and is one of the biggest contributors to Safaricom’s revenue.
