Mobile money use in Kenya hits Sh724.8 billion monthly in 2024
Similarly, the average number of monthly transactions increased to 223.5 million, compared to 202 million in 2023 and 190 million in 2022.
Kenyans transacted an average of Sh724.8 billion every month via mobile money in 2024, marking a 9.4 per cent rise compared to the previous year.
Figures by the Central Bank of Kenya show the monthly value of mobile money transactions increased from Sh662.8 billion in 2023 and Sh659.1 billion in 2022.
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Similarly, the average number of monthly transactions increased to 223.5 million, compared to 202 million in 2023 and 190 million in 2022.
The regulator attributes the growth to an expanded agent network and higher mobile phone penetration.
Notably, it also says the surge has been a result of a growing preference for cashless transactions.
By December 2024, the number of active mobile money agents had jumped 16.5 per cent to 381,116 from 327,162 in the previous year.
The surge added over 53,000 new access points across the country.
"The addition of 53,954 new active mobile money agents points to a rapid expansion of last-mile financial access, with entrepreneurs capitalising on underserved or previously untapped market segments," CBK says.
"Together, these trends underscore the deepening integration of mobile money into everyday economic activity across the country, significantly widening the last-mile reach of financial services."
Mobile phone usage also saw impressive gains, with the number of mobile devices rising from 65.4 million in 2023 to 72.1 million in 2024.
Mobile subscriptions similarly rose to 71.4 million, reflecting a national penetration rate of 138.5 per cent, well over the total population.
This comes against the backdrop of recent reports highlighting significant progress in the country’s financial inclusion efforts.
A recent report by the global lender, the World Bank, reveals that Kenya has seen a 114 per cent rise in financial inclusion over the past decade, with account ownership among adults more than doubling since 2011.
It highlights that the percentage of Kenyan adults with a financial account has soared from about 42 per cent in 2011 to 90 per cent in 2024.
It largely attributes the growth to the widespread adoption of mobile money platforms, which continue to reshape the country’s financial landscape.
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