The mobile money agency industry in Kenya is a fast-rising one that became very popular at the peak of the coronavirus pandemic. Unlike other businesses that thrived during the pandemic, the digital money transfer business has continued to soar, even as Kenya’s government continue to ease off the pandemic restrictions.
According to data provided by the Kenya National Bureau of Statistics, the number of total mobile money transactions reported a 16 percent jump to 2,165 million, while total transfers grew from 5.2 billion to 6.8 billion. Similarly, the number of money agents rose by 44 percent from 3.231 billion to 4.666 billion.
According to the Kenya National Bureau of Statistics, the growth of mobile money transactions in Kenya also spurred an increase in mobile transfer service subscribers and mobile money agents. Total active mobile money agents rose from 264,390 to 292,301 in 2021, while mobile money transfer service subscribers rose from 32 million to 35 million.
The report also shared that mobile subscriptions in Kenya increased by 6% to 65.1 million in 2021, compared to the 12.6% growth registered in 2020. During the same period, mobile numbers ported decreased by 24.8% from 1,437 to 1,081, partly attributed to hesitation by subscribers to move from one operator to another.
According to a 2020 report by American research firm Boston Consulting Group (BCG), Africa’s Kenya and Ghana rank second and third in the highest mobile payment usage globally, contributing between $15 trillion and $20 trillion to the total value of mobile financial services transactions in 2020.