PUBLISHER: IMARC | PRODUCT CODE: 1423379
PUBLISHER: IMARC | PRODUCT CODE: 1423379
The Kenya mobile money market size reached US$ 133.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 641.3 Billion by 2032, exhibiting a growth rate (CAGR) of 18.5% during 2024-2032.
Mobile money is an innovative payment service that is operated under financial regulations and performed using a mobile device, offering simple person-to-person money transfer rather than complex banking transactions. It is an easy, secure, fast and affordable way of making payment.
Kenya is the second largest market for mobile money in Africa. Increasing adoption of mobile payment by major economic sectors in Kenya such as agriculture, health, retail and wholesale has supported the growth of mobile money industry in the country. Moreover, M-Pesa had launched mobile money services which included financial transactions such as deposit and withdrawal of money, transfer money, pay bills, etc. This initiative by M-Pesa has further boosted the mobile financial services market in Kenya. The popularity of mobile money is currently increasing among businesses in the country. It is largely being used for peer to peer transfer, cash transfer and purchasing goods and services. A large number of businesses and persons are using mobile money platform as a primary account for financial transactions. Various other factors driving the mobile money market in Kenya are increasing use of smart phones, rising internet penetration, lack of access to formal banking and increasing financial inclusion.
IMARC Group provides an analysis of the key trends in each sub-segment of the Kenya mobile money market report, along with forecasts for the period 2024-2032. Our report has categorized the market based on technology, business model and transaction type.
USSD
Mobile Wallets
Others
Currently, USSD holds majority of the market share in the Kenya mobile money market.
Mobile Led Model
Bank Led Model
Currently, mobile led model holds the largest share in the Kenya mobile money market.
Peer to Peer
Bill Payments
Airtime Top-ups
Others
Currently, peer to peer transaction type holds the highest share in the market.
M-Pesa (Vodafone Group)
Equitel Inc.
MobiKash Afrika Limited
Airtel Money