Kenya’s Mobile Money Penetration Reaches 91%

Kenya has solidified its position as a global fintech leader, with mobile money penetration reaching 91% by June 2025, according to the Communications Authority of Kenya (CA). The country recorded 47.7 million active subscriptions, a sharp increase from 77.3% just a year earlier.

Mobile money has evolved from a simple payment tool to a cornerstone of Kenya’s economy—driving personal transactions, powering businesses, and supporting public sector services.

M-Pesa, run by Safaricom, remains the market leader, but competition from Airtel Money and T-Kash is intensifying. Safaricom CEO Peter Ndegwa noted that mobile money is now “a profoundly political and social technology reshaping governance and inclusion across Kenya and Africa.”

The sector’s rapid growth has been enabled by forward-looking regulation. The Central Bank of Kenya (CBK) has played a crucial role in striking a balance between consumer protection and innovation, ensuring the system remains stable while addressing key issues such as money laundering, transaction limits, and cross-border payments.

The impact on financial inclusion has been profound. Today, 83% of Kenyan adults have formal access to financial services, which opens up opportunities for small businesses and underserved communities. Lower transaction costs and broader product offerings are further strengthening Kenya’s position as a leader in digital finance.

Telecommunications have also been critical, with 76.7 million SIM subscriptions recorded by mid-2025—representing a 146% penetration rate, as many users hold multiple SIM cards. Expanding mobile broadband and smartphone adoption have helped scale access nationwide.

However, the rise of mobile money has created new pressures for traditional banks, as mobile wallets increasingly compete in deposits, payments, and even lending. For regulators, the challenge is to safeguard banking sector stability while sustaining the innovation that has made Kenya a global model for inclusive finance.