NAIROBI, KENYA — Despite a significant increase in the number of mobile money agents in Kenya, physical visits to these agents have declined, even as person-to-person mobile money transfers continue to rise.
The 2025 Economic Survey by the Kenya National Bureau of Statistics (KNBS) reported that the number of mobile money transfer agents in Kenya reached 395,000, marking a substantial 20.9% increase compared to 2024.
However, while the agent network expanded, the total value of money deposited through these agents saw a slight decrease of 1.0%, settling at Ksh.6.8 billion. This trend coincides with the growing popularity of Internet Banking in Kenya, a point emphasized in the Central Bank of Kenya’s (CBK) 2023 Financial Sector Stability Report.
CBK data also indicated a reduction in the number of Automated Teller Machines (ATMs) across the country last year, as customers increasingly opted for Internet and mobile banking channels over ATMs and physical bank branches.
The KNBS survey also highlighted a growing preference among Kenyans for using mobile money platforms to pay for goods and services, with the value of mobile commerce experiencing a 6.1% increase to Ksh 22.0 trillion.
“Total mobile money transfers increased by 9.4% to Ksh.8.7 trillion, while the number of transactions rose by 10.6% to Ksh.2.7 billion transactions in 2024,” KNBS stated.
Kenya’s Information and Communication Technology (ICT) sector also demonstrated robust growth, increasing in value from Ksh.339.5 billion in 2023 to Ksh.364.5 billion in 2024. This expansion in the ICT sector has, however, led to a rise in electronic waste, which grew from 51.9 thousand metric tonnes in 2023 to 53.6 thousand metric tonnes in 2024.
This growth has also positively impacted Konza Technopolis, where the number of investors increased from 56 in 2023 to 70 in 2024, generating Ksh.252.4 million in revenue in 2024, up from Ksh.191.3 million in 2023.
Looking ahead, the KNBS 2025 outlook anticipates a stable global economy with a potential improved performance of 3.3%.
“However, projected global growth is expected to be uneven, masking significant differences across regions and countries,” KNBS noted, pointing to more favorable prospects in developed nations like the United States.
The economic outlook also projects continued stability and resilience within Kenya’s economy in 2025.
