By October 2024, Kenya’s registered mobile money accounts stood at 80.02 million according to the latest stats from the Central Bank of Kenya (CBK). This was an increase from 75.96 million accounts at the same period the previous year.
The stats also indicate that Kenya currently has 358,621 active agents who handle mobile money transactions. Agent handled transactions during the same period increased to 2.076 billion from 2.01 billion shillings with total transaction value rising by 12.1 percent to 7.24 trillion shillings.
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Here is a table of Kenya change in mobile money accounts since January 2024 to October 2024:
For more than 10 years, Kenya has been making massive strides in mobile money sector with M-Pesa being the giant of mobile money transactions within and without Kenya. M-Pesa has since entered Ethiopia with millions of subscribers already onboarded.
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The irony
Despite the rise in registered mobile money accounts in Kenya, a new survey gives stats that are on the contrary. An economic survey report released on Monday revealed that the number of mobile money subscribers in the country dropped by 600,000 last year.
The new findings contained in the National Economic Survey 2024 issued by the Kenya Bureau of Statistics indicate that the total number of users dropped from 38.6 million to 38 million in 2023, while cash transferred grew by 5.5 per cent to sh5.5 trillion.
The drop represents a decrease of 1.55 per cent in Kenya’s mobile money subscriptions, a move that signals a paradigm shift in consumer behaviour trends in mobile money services in the country.