Kenya’s mobile money transactions to grow 63% in 2021 – report

According to the Kenya National Bureau of Statistics, total mobile money transactions rose 16 percent to 2,165 million, while total transfers rose to 6.8 billion from 5.2 billion. Likewise, the number of money agents increased 44 percent from 3.231 billion to 4.666 billion, while subscriber-to-subscriber transfers increased 30 percent from 3.234 billion to 4.191 billion.

The perceived growth in the volume of mobile money transactions in Kenya has also led to an increase in the country’s overall active mobile money agents. According to the Kenya National Bureau of Statistics, the number of active mobile money agents increased from 264,390 to 292,301, and subscribers to the mobile money transfer service increased from 32 million to 35 million.

Another key finding from the report showed that mobile phone subscriptions in Kenya grew just 6 percent to 65.1 million in 2021, compared to a 12.6 percent growth in 2020. Over the same period, ported mobile numbers went by 24.8 percent down from 1,437 to 1,081, partly due to subscribers’ reluctance to switch from one operator to another.

According to a 2020 report by American research firm Boston Consulting Group (BCG), Kenya and Ghana continue to dominate the global mobile money market as the two countries rank second and third after China in the highest mobile payment usage.

Data based on the report estimates that the two African nations contributed between US$15 trillion and US$20 trillion to the total value of mobile financial services transactions in 2020.

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