Airtel Money extended its climb in the September 2025 quarter, reaching 10.3% and entering double-digit market share for the first time, new industry data shows.
- •M-Pesa slipped to 89.7%, its first reading below 90%, marking a shift in a market long shaped by near-total dominance.
- •The Communications Authority reported 47.7 million active mobile-money subscriptions by June 2025 and a penetration rate of 91%, up sharply from 77.3% a year earlier.
- •The latest numbers point to a market gradually shifting toward a two-provider structure, supported by deeper financial inclusion and broader economic integration of mobile-money services.
Long-term indicators from the Central Bank show how deeply mobile money has embedded itself in Kenya’s economy. Mobile penetration rose from 30.5% in 2007 to 138.5% in 2024 as multi-SIM ownership and device availability expanded. Mobile subscribers reached 71.4 million in 2024, while mobile-money subscriptions climbed to 42.3 million, setting the stage for the accelerated uptake seen in 2025.
Transaction activity has grown even faster with monthly mobile-money transactions rising from 1.3 million in 2007 to 309 million in 2024. Monthly transaction value has also increased from KSh 3.8 billion to KSh 753.5 billion over the same period, peaking at KSh 788.4 billion in 2023 before easing slightly in 2024. Average daily transaction value reached KSh 25.1 billion in 2024, up from only KSh 125.7 million in 2007. The agent network expanded from 182,472 outlets in 2018 to 381,116 in 2024, improving physical access and supporting higher transaction throughput.
Market-share movements reflect these structural shifts and public reporting shows M-Pesa’s share slipping from roughly 95% in 2023 to about 90.8% in early 2025, while Airtel Money rose from about 5–6% to 9.1% on the back of lower fees, wider agent coverage and aggressive pricing. The September 2025 figure pushes Airtel above 10% for the first time, while M-Pesa’s drop below 90% signals growing competitive pressure in a market that is approaching full penetration. Smaller platforms remain marginal and are grouped under “others” in most public data.
M-Pesa continues to lead decisively in transaction value, merchant payments and high-value transfers, but subscription share is becoming more contested. With usage widespread, growth is no longer driven by new wallets. Competition now rests on pricing, reliability, interoperability and service depth.
