Kenya’s mobile payment market is experiencing unprecedented growth, with new data revealing a 38% surge in cash transactions processed through mobile money agents during the first 10 months of this year. The total transaction volume reached 5.65 trillion Kenyan shillings (approximately $500.06 billion), marking the highest growth rate since 2011.
This remarkable expansion underscores the deepening reliance on mobile payments among Kenyan citizens. According to the Central Bank of Kenya, the key driver behind this surge is the country’s extensive network of mobile payment agents, which now stands at 295,100 outlets nationwide. These agents provide essential services such as cash deposits, withdrawals, and transfers, making financial access more convenient for users.
Analysts note that with the approaching holiday season, mobile payment transactions are expected to maintain their strong growth momentum, fueled by increased consumer spending during Christmas. The widespread adoption of mobile payments has not only enhanced financial inclusion but also injected new vitality into Kenya’s economic development.