As of 31 March 2020, the number of registered mobile money subscriptions in Kenya was 29.1 million. This space is dominated by Safaricom with M-PESA having a 98.8% market share.
The Communications Authority of Kenya (CA) reports that Airtel Money comes in a far, far second at 1.1%, and third is T-Kash at a 0.05% share. Equitel, which is regarded more as a banking product than a mobile money service was not ranked by the CA.
Launched in 2007, M-PESA has become a Kenyan stable, with Tech Weez writing that as of right now the service and its products are symbiotic with the country’s economy so far as to be impossible to run a business without it, or any other mobile money platform.
M-PESA’s success has also firmly planted Kenya in the world map, the service is considered one of Africa’s greatest success stories.
The service has remained impressively popular and robust, constantly updated and evolving. M-PESA is much larger now as a service than it has ever been, equipped with several unique utilities, including Lipa na M-PESA, a utility that allows customers to pay for goods and services through M-PESA, which has seen wide adoption through the country’s businesses.
Tech Weez remarks that both Airtel Money and T-Kash were late to the dance and as such have struggled to find their space in a market so soundly dominated by Safaricom’s service.
M-PESA’s popularity and accrued loyalty are so sound that people continue to use it and refuse to try other services even if they are cheaper.
Mobile Money Services remain free until next year
The Central Bank of Kenya announced that it would extend measures put in place for mobile money transactions.
The measures are in efforts to aid citizens of the country as COVID-19 grips the continent and will remain in place until 31 December 2021. These measures include:
- There will be no charge for mobile money transactions up to KES1000.
- The current tariff for transactions above KES70,000 will remain.
- There will be no charge by Payment Service Providers (PSPs) and commercial banks for transfers between mobile money wallets and bank accounts.