Mobile money services are a success in Kenya owing to the work done by operators, mainly Safaricom. The service, and its associated products are entrenched in the Kenya economy so much that it would be impossible to run a business without mobile money. The product’s success has also put Kenya in the world map, with many references always referring to this turf.
Now, as of March 31, 2020, the number of registered active mobile money subscriptions was 29.1 million.
The Communications Authority of Kenya (CA) has also reported that these customers are served by 202102 mobile money agents.
As we have come to expect, the space is ruled by Safaricom’s M-PESA with a 98.8% market share.
Airtel Money comes second at 1.1%, and T-Kash wraps it up at 0.05%.
You should not that the numbers have skipped Equitel. The CA stopped reporting transactions associated with Equitel, citing that it was more of a banking product than a mobile money service.
M-PESA has always done good for itself, having launched back in 2007. It has evolved into a much bigger product that is equipped with tens of services, including Lipa na M-PESA that has been widely adopted by businesses.
The other two were late to the dance, and have been struggling to fit in a market that already has a leader. People have also invested in M-PESA for so long to make a switch, even if it means the competition is cheaper (it is).
For the moment, mobile money services such as M-PESA can see users transfer <KES 1000 for free till December 2020 as the state fights the Coronavirus pandemic.