Airtel Money slightly increased its market share from 6.6% in Q4 2023/2024 to 7.6% in the three months ending September 2024, according to the latest data from the Communications Authority.
Despite this growth, Safaricom’s M-PESA maintained its dominant position, although its market share dipped marginally from 93.4% to 92.3% within the same period.
In terms of mobile subscriptions, Safaricom continued to lead with a 65.7% market share, followed by Airtel at 29.6%. Finserve (Equitel) surpassed Telkom Kenya and Jamii Networks, capturing 2.1% of the market share compared to their respective 1.7% and 0.9%. In the previous quarter (Q4 2023/2024), Telkom and Equitel had an equal 2.1% market share.
The total number of mobile money subscriptions in Kenya exceeded 40 million in September 2024, a 2% increase from 39.8 million in June 2024. The number of mobile money agents also grew significantly, increasing from 347,699 to 365,432 within the same period.
| Metric | Safaricom | Airtel | Finserve (Equitel) | Telkom | Jamii Networks |
| Mobile Money Market Share | 92.30% | 7.60% | – | – | – |
| Mobile SIM Subscriptions | 65.70% | 29.60% | 2.10% | 1.70% | 0.90% |
| Mobile Money Agents | 266,070 | 90,000 | – | – | – |
The mobile phone market in Kenya saw a total of 68.1 million connections, translating to a penetration rate of 132.2%. Smartphones dominated with a 72.6% penetration rate, followed by feature phones at 59.6%.
Mobile money services continue to be a key revenue driver for telecommunications companies in Kenya. Safaricom reported a 16.6% increase in M-PESA revenues to KSh 77.2 billion in the six months ending September 2024, driven by increased customer usage.
Airtel Money also demonstrated significant growth in its East African operations, with a 31.4% increase in mobile money revenue.
Airtel Money has been actively expanding its reach through strategic partnerships with major retailers like Naivas and Moja Expressway.