Kenya’s Mobile Money Penetration Hits 91%, Cementing Global Fintech Leadership

Kenya has reaffirmed its status as a global trailblazer in digital finance, with mobile money penetration reaching an unprecedented 91% by June 2025, according to new data from the Communications Authority of Kenya (CA). Active mobile money subscriptions rose to 47.7 million, a significant leap from 77.3% penetration just a year earlier.

Once viewed as a basic payment tool, mobile money has become a central pillar of Kenya’s economy — powering personal transactions, supporting small and medium-sized enterprises, and enabling government services.

M-Pesa, operated by Safaricom, continues to dominate the market, but competition is intensifying from rivals Airtel Money and T-Kash. Safaricom CEO Peter Ndegwa described mobile money as “a profoundly political and social technology reshaping governance and inclusion across Kenya and Africa.”

Regulation Driving Growth

The sector’s remarkable expansion has been underpinned by progressive regulation. The Central Bank of Kenya (CBK) has played a pivotal role in balancing consumer protection with innovation, introducing safeguards to mitigate money laundering, manage transaction limits, and facilitate cross-border payments.

Financial Inclusion Milestones

The impact on financial inclusion has been transformative. As of mid-2025, 83% of Kenyan adults now enjoy formal access to financial services — unlocking opportunities for entrepreneurs, small businesses, and underserved communities. Lower transaction fees and a widening range of financial products are reinforcing Kenya’s global leadership in inclusive digital finance.

Telecoms as the Backbone

The telecommunications sector has been critical in scaling mobile money. Kenya recorded 76.7 million SIM subscriptions by mid-2025, representing a 146% penetration rate as many consumers hold multiple SIM cards. Widespread mobile broadband and growing smartphone adoption have further accelerated access nationwide.

Challenges Ahead

Despite its success, the rise of mobile money presents challenges for traditional banks, which face growing competition in deposits, payments, and lending from mobile wallets. For regulators, the priority will be to safeguard financial stability while sustaining the innovation ecosystem that has positioned Kenya as a global model for digital financial inclusion.