By Benadeta Mwaura - Reporter
Kenya, April 30, 2026 - Kenya’s position as a global leader in mobile money has strengthened further, with the number of users rising to 51.4 million in 2025, according to the latest data from the Kenya National Bureau of Statistics (KNBS).
The figures underline just how central mobile money has become to everyday life, with subscriptions growing by 21.4 per cent from the previous year. This surge reflects increased reliance on digital financial services as more Kenyans shift away from cash transactions toward mobile-based payments.
The growth is also mirrored in infrastructure. The number of mobile money agents expanded significantly, rising by 26.8 per cent to over 501,000 outlets, widening access across both urban and rural areas.
This extensive agent network continues to play a critical role in supporting cash-in and cash-out services, especially in areas where traditional banking remains limited.
Transaction activity remains strong, highlighting the scale of Kenya’s digital economy. KNBS data shows that person-to-person transfers reached KSh8.66 trillion in 2025, while the total number of transactions climbed to 2.7 billion.
These figures point to a system that is not only growing in users but also in frequency and value of use.
However, the data also reveals subtle shifts in behaviour. Deposits through agents declined by 10.1 per cent to KSh5.5 trillion, suggesting that users are increasingly keeping money within digital ecosystems rather than converting it back to cash.
This trend signals a maturing market where mobile wallets are evolving beyond simple transfer tools into full financial platforms.
Kenya’s mobile money penetration now stands at about 98 per cent, effectively reaching saturation. This means that future growth is likely to come less from new users and more from increased usage, how often people transact, how much they spend, and the range of services they access.
At the centre of this ecosystem is M-Pesa, operated by Safaricom, which continues to dominate the market even as competition from players like Airtel Money gradually increases.
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The platform has evolved from a basic money transfer service into a broader financial system offering savings, credit, and payment solutions.
The continued expansion of mobile money is also being supported by wider digital growth. Mobile subscriptions in Kenya rose to 78.4 million, while broadband connectivity and smartphone usage continue to expand, providing the backbone for digital financial services.
For policymakers, the growth highlights the success of Kenya’s digital economy strategy. But it also presents new challenges around regulation, competition, and consumer protection in an increasingly cash-lite society.
For millions of Kenyans, however, the impact is more immediate and practical.
Mobile money is no longer just a convenience.
It is the economy itself, running through phones, powering transactions, and redefining how money moves across the country.