Mobile Payment Usage in Kenya: A Surge in Growth

Mobile payment usage in Kenya has witnessed an exponential surge over the past year, fueled by the widespread adoption of smartphones and the convenience and security offered by mobile payments. According to the Communications Authority of Kenya (CA), the value of mobile money transactions in Kenya skyrocketed by 48.2% to Ksh 12.08 trillion ($110 billion) in 2022, compared to Ksh 8.15 trillion ($74 billion) in 2021.

Key Factors Driving Growth

• Increased Smartphone Penetration

• Convenience

• Security

• Government Support

Impact on Kenya’s Economy and Financial Inclusion

The growth of mobile payment usage in Kenya has had a positive impact on the country’s economy and financial inclusion. It has enabled businesses to reach a wider customer base, reduced the cost of financial transactions, and provided access to financial services for unbanked and underbanked populations.

Key Statistics on Mobile Payment Usage in Kenya

• The number of mobile money accounts in Kenya surged from 33.4 million in 2021 to 38.6 million in 2022.
• The value of mobile money transactions increased by 48.2% to Ksh 12.08 trillion ($110 billion) in 2022.
• The average value of a mobile money transaction rose from Ksh 2,410 ($22) in 2021 to Ksh 3,129 ($29) in 2022.
• The number of mobile money agents grew from 294,000 in 2021 to 322,000 in 2022.

Conclusion

Mobile payment usage in Kenya has experienced significant growth over the past year, driven by the increasing adoption of smartphones, the convenience and security of mobile payments, and government support. This growth has had a positive impact on the country’s economy and financial inclusion.