REPORT | Mobile Money Transactions in Kenya in 2023 Declined for the First Time in 17 Years

2025-12-31 11:33:02

In 2023, there was a notable decline in the amount of cash managed by mobile money agents, marking the first decrease since the inception of mobile payments in Kenya almost 17 years ago.

According to the Central Bank of Kenya (CBK), the cash transacted by agents in the 11 months leading up to November 2023 amounted to KES 7.165 trillion ($45.4 billion). This represents a 0.5 percent decrease from the KES 7.2 trillion ($45.6 billion) recorded during the corresponding period in 2022.

The following is a snippet of the data as collected by the Central Bank, going back 16 years since the advent of the M-PESA service in Kenya. The full tabulation is available on the bank’s website.

![](data:image/svg+xml,%3Csvg%20xmlns=‘http://www.w3.org/2000/svg’%20viewBox=‘0%200%20726%20524’%3E%3C/svg%3E) *Agents Cash flow every year since 2007 (CBK)*Since its launch in April 2007 by Safaricom, the M-PESA service has witnessed remarkable annual growth in mobile transactions. Subscriptions to the service have experienced a substantial increase, reaching 38.1 million in the initial quarter of the financial year 2023/24, as reported by data from the Communications Authority of Kenya (CA).

“Mobile money subscriptions stood at 38.1 million, translating to a penetration rate of 75.2 percent, which was an increase of 0.1 percentage points from the last quarter’s penetration rate,” said CA in its latest quarterly statistical bulletin.

It remains uncertain whether the decline in mobile money transactions might impact Kenya’s Gross Domestic Product (GDP) given that mobile money agents reportedly handle approximately 60 percent of the country’s GDP.

Kenyans have been grappling with an elevated cost of living, facing significant increases in essential commodities like food, fuel, and electricity. Additionally, the Central Bank of Kenya (CBK) has maintained high-interest rates, leading to a reduction in available liquidity for the general populace.

While M-PESA draws most of its users from Kenya, the service has expanded across Africa amassing more than 50 million customers, including in countries like Tanzania, Mozambique, and DRC.

The service also launched in Ethiopia in August 2023, under the name MPESA Safaricom Ethiopia’s Mobile Financial Services.

Follow us on Twitter for latest posts and updates

Esta página puede contener contenido de terceros, que se proporciona únicamente con fines informativos (sin garantías ni declaraciones) y no debe considerarse como un respaldo por parte de Gate a las opiniones expresadas ni como asesoramiento financiero o profesional. Consulte el Descargo de responsabilidad para obtener más detalles.