Airtel Money has reached a new milestone after its share of the mobile money market rose to 10.3 per cent in the quarter to September 2025.
This is the first time the service has entered double digits. The latest data from the Communications Authority shows Airtel has been gaining ground steadily since 2023, helped by cheaper charges, more agents on the ground and aggressive marketing.
The rise of Airtel Money has come as M Pesa records its first drop below 90 per cent market share. Safaricom’s mobile money service stood at 89.7 per cent in the period under review.
M Pesa has been slowly losing its grip over the last few years. It held about 95 per cent of the market in 2023 before dropping to roughly 90.8 per cent early this year.
Other platforms remain very small. Telekom’s T Cash is still below one per cent and has not shown significant movement.
The figures show a mobile money sector that continues to expand. Active users increased to 47.7 million, raising penetration to 91 per cent compared to 77.3 per cent a year ago.
The numbers suggest the market is gradually settling into a space dominated mainly by two major players as more Kenyans embrace digital payments.
Mobile money remains a crucial part of Kenya’s financial system. According to the Central Bank of Kenya, it now accounts for 6.59 per cent of all national payments.
Since M Pesa was launched in 2007, the value of monthly transactions has grown from Sh3.8 billion to Sh753.5 billion in 2024. The peak was in 2023 at Ksh 788.4 billion before easing slightly the following year.
The number of transactions has grown even faster. Monthly transactions have risen from 1.3 million in 2007 to 309 million in 2024. In 2024, the average value of daily transactions hit Ksh 25.1 billion. Back in 2007, the figure was just Ksh 125.7 million.
Kenya’s mobile industry as a whole is also expanding. Active SIM cards grew by 2.1 per cent in the three months to September, reaching 78.3 million.
The Communications Authority said this growth reflects wider network rollout, increased device ownership and higher demand for mobile services.
In its statement, the CA said, “Mobile SIM subscriptions grew by 2.1 per cent to 78.3 million, marking a penetration rate of 149.4 per cent.” It added, “The growth is mainly attributed to the continued expansion of mobile networks and ever-growing demand for mobile services.”
The trend has been consistent. Subscriptions were about 76.7 million in March this year, and around 70 million in September 2024. The high penetration rate shows that many Kenyans now use more than one SIM card as they compare prices, network quality and deals.
Prepaid lines continue to dominate the market, accounting for 98 per cent of all active SIM cards. Postpaid lines remain at around 2 per cent.
Industry players expect mobile subscriptions to keep rising as operators push their 4G and 5G networks deeper into the country.
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