The Kenya mobile money market size reached US$ 133.2 billion in 2023. The market is projected to reach US$ 641.3 billion by 2032, exhibiting a growth rate (CAGR) of 19.1% during 2023-2032.
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.
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.
Key Market Segmentation:
The report provides an analysis of the key trends in each sub-segment of the Kenya mobile money market report, along with forecasts for the period 2023-2032. The report has categorized the market based on technology, business model and transaction type.Breakup by Technology:
- USSD
- Mobile Wallets
- Others
Breakup by Business Model:
- Mobile Led Model
- Bank Led Model
Breakup by Transaction Type:
- Peer to Peer
- Bill Payments
- Airtime Top-ups
- Others
Competitive Landscape
The report has also examined the competitive landscape of the market and provides the profiles of the key players operating in the industry. Some of the key players include:- M-Pesa (Vodafone Group)
- Equitel Inc.
- MobiKash Afrika Limited
- Airtel Money
Key Questions Answered in This Report:
- How has the Kenya mobile money market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the Kenya mobile money market?
- What is the breakup of the Kenya mobile money market based on the technology?
- What is the breakup of the Kenya mobile money market based on the business model?
- What is the breakup of the Kenya mobile money market based on the transaction type?
- What are the various stages in the value chain of the Kenya mobile money market?
- What are the key driving factors and challenges in Kenya mobile money market?
- What is the structure of the Kenya mobile money market and who are the key players?
- What is the degree of competition in the Kenya mobile money market?
Table of Contents
1 Preface3 Executive Summary9 Regulatory Framework
2 Scope and Methodology
4 Introduction
5 Kenya Mobile Money Market
6 Market Breakup by Technology
7 Market Breakup by Business Model
8 Market Breakup by Transaction Type
10 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- M-Pesa (Vodafone Group)
- Equitel Inc.
- MobiKash Afrika Limited
- Airtel Money
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 116 |
| Published | January 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 133.2 Billion |
| Forecasted Market Value ( USD | $ 641.3 Billion |
| Compound Annual Growth Rate | 19.1% |
| Regions Covered | Kenya |
| No. of Companies Mentioned | 4 |
