mobile money transactions Stories

The proposal aims to reduce the average cost of person-to-person (P2P) mobile money transactions from Sh23 in 2024 to Sh10 by 2028, while capping char...

Similarly, the average number of monthly transactions increased to 223.5 million, compared to 202 million in 2023 and 190 million in 2022.

In 2024, 32 per cent of Kenyan adults borrowed from mobile money providers, the highest share in the region.

Mobile transactions jumped 9.3 per cent from the previous year’s total of Sh7.95 trillion.

The previous year saw mobile money growth slow to its lowest rate in four years, largely due to a 25 per cent hike in taxes on transactions.

The CBK has supported this shift by granting approvals to Safaricom, Telkom Kenya, and Airtel Kenya to raise daily transaction and account limits.