Kenya Mobile Money Market Size Worth $ 174 Billion by 2024 | CAGR 27%

Kenya Mobile Money Market Research Report and Forecast 2024

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Kenya Mobile Money Market Overview: As per the latest report by IMARC Group, titled “Kenya Mobile Money Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024�, the Kenya mobile money market size reached US$ 40 Billion in 2018. Sending and receiving money plays a vital role in the daily lives of the Kenyan population. As most of the individuals in the country do not have access to formal or semi-formal banking services, they rely on mobile money services, which are an affordable, effective and reliable means for paying bills, and depositing, withdrawing and transferring money. Mobile money also ensures that the money can be deposited in one location and withdrawn in another. In recent years, there has been a rise in the demand for mobile money in Kenya, owing to the increasing internet penetration and boosting sales of smartphones.

Kenya Mobile Money Market Trends Kenya currently represents the second-largest market for mobile money in Africa owing to the increasing utilization of mobile payment services, especially in the agriculture, health, retail and wholesale sectors. Besides this, various businesses and individuals are employing the mobile money platform as a primary account for financial transactions.

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157.3 146.7 152.0 141.4 136.1 125.5 130.8

160 140 120 100 80 60 40 20 0

120.2 2011

2012

2013

2014

2015

2016

2017

2018

In Billion US$

in Billion US$

Report Description

180 160 140 120 100 80 60 40 20 0

160.0 2019

175.9

181.2

186.5

165.3

170.6

2020

2021

2022

2023

2024

Furthermore, the growing popularity and easy accessibility of mobile loans are also contributing to the market growth. Looking forward, the market value is projected to reach US$ 174 Billion by 2024, expanding at a CAGR of around 27% during the forecast period (2019-2024).

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Apart from this, the launch of the M-Pesa, the premier mobile money application in Kenya offered by Safaricom, has assisted users in withdrawing funds using their smartphones without the requirement of a bank account. The registration and deposition on this platform are free, and the pricing of other transactions is also based on a tiered structure, which enables even the lowest-income users to utilize the system. Moreover, M-Akiba, an initiative undertaken by the Government of Kenya in 2017, is allowing M-PESA users in the country to purchase and sell specific government bonds using their smartphones.

Market Segmentation by Technology • • •

USSD Mobile Wallet Others

Based on the technology, the market has been segregated into unstructured supplementary service data (USSD), mobile wallet and others.

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Market Segmentation by Business Model • •

Mobile Led Model Bank Led Model

On the basis of the business model, the market has been bifurcated into the mobile and bank-led models.

Market Segmentation by Transaction Type • • • •

Peer to Peer Bill Payments Airtime Top-ups Others

The market has been analyzed on the basis of the transaction type into peer to peer, bill payments, airtime top-ups and others.

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Report Description Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players.

• • • •

M-Pesa Equitel Money Mobikash Airtel Money

Browse Related Report Uganda Mobile Money Market Report: https://www.imarcgroup.com/uganda-mobile-money-market Tanzania Mobile Money Market Report: https://www.imarcgroup.com/tanzania-mobile-money-market

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