Mobile money subscriptions in Kenya grew 13.2 per cent over the 2025/26 financial year to reach 54.0 million by June 30, 2026, a penetration rate of 101.3 per cent, according to the Communications Authority of Kenya’s fourth quarter sector statistics report.
The growth came even as the agent network that supports it shrank. Registered mobile money agents fell 5.6 per cent in the final quarter, closing the year at 568,463, a decline that lines up with a broader shift toward app based and USSD transactions that need fewer physical outlets to complete a payment.
| Quarter end | Mobile money subscriptions | Penetration |
|---|---|---|
| Jun 2025 | 47.7 million | 91.0% |
| Sep 2025 | 48.7 million | 92.8% |
| Dec 2025 | 51.4 million | 98.0% |
| Mar 2026 | 53.4 million | 100.1% |
| Jun 2026 | 54.0 million | 101.3% |
M-Pesa still leads, but Airtel Money is closing in
Safaricom’s M-Pesa remains the dominant platform, holding 88.8 per cent of mobile money subscriptions at the end of June, according to CA’s market share chart.
Airtel Money climbed to 11.1 per cent over the same run of quarters, extending a rise Khusoko reported on in July, when the platform first broke past 9 per cent on the back of cheaper transaction fees and an expanding agent network built with partners including Naivas outlets.
T-Kash, operated by Telkom Kenya, registered a share close to zero, underscoring how thin the field is outside the two leading platforms.
| Platform | Market share, Jun 2026 |
|---|---|
| M-Pesa (Safaricom) | 88.8% |
| Airtel Money | 11.1% |
| T-Kash (Telkom) | 0.0% |
Revenue concentration runs deeper than subscriber numbers
CA’s newly published revenue breakdown shows Safaricom’s advantage in mobile money is sharper than its subscriber count suggests. The telecom captures 96.8 per cent of industry revenue from the other services category, the bucket that holds mobile money, roaming, bulk SMS and advance airtime.
That category made up 42.8 per cent of all mobile service revenue in 2025, the largest slice of a sector that earned KSh 440.9 billion for the year, up 3.6 per cent from 2024, the slowest annual growth CA has logged in five years.
What comes next
Kenya’s mobile money story is no longer only about who signs up. It is about who keeps transacting once agent networks thin out and digital channels take over volume that tellers used to handle.
Airtel Money’s gains suggest room for competition still exists, even within a market one operator continues to define.
