Kenya’s mobile money hits 53.4 million accounts as agents, investments surge

Kenya’s mobile money boom is showing no signs of slowing down, with subscriptions rising by two million in just one quarter to reach 53.4 million accounts, new data from the Communications Authority of Kenya (CA) shows.

The latest sector statistics for the third quarter of the 2025/26 financial year indicate that subscriptions jumped from 51.4 million in the previous quarter, representing a 3.9 per cent growth and underscoring the deepening reliance on digital financial services across the country.

The growth has been closely matched by a rapid expansion of agent networks. According to the CA report, registered mobile money agents increased from 501,399 to 602,470 within the quarter — a 20.2 per cent rise that added more than 101,000 new agents to the ecosystem.

Safaricom continues to dominate the sector, accounting for 89.1 per cent of total mobile money subscriptions. The telecom giant says upgrades to its M-PESA Fintech 2.0 platform have boosted system capacity, enabling it to handle higher transaction volumes and roll out new digital financial products.

The scale of activity on the platform remains staggering. During the financial year, the M-PESA ecosystem processed about 46.41 billion transactions valued at Sh41.68 trillion. Small-value “kadogo” transactions alone accounted for 17.1 billion of those transactions, representing 36.8 per cent of total volumes.

But beyond payments and transfers, mobile money platforms are increasingly evolving into full financial ecosystems offering savings, investments, insurance and wealth management services.

Among the standout products, Ziidi Money Market Fund (MMF) emerged as the largest within the M-PESA ecosystem, attracting about 7.7 million opt-ins and 2.42 million active investors. It now holds assets under management worth approximately Sh19.8 billion.

The Ziidi Trader platform also recorded strong uptake, with about 688,000 opt-ins and over 103,000 active traders. It facilitated roughly 533,000 trades involving 171 million shares valued at Sh1.9 billion.

In the Shariah-compliant segment, Ziidi Shariah attracted around 836,000 opt-ins, translating to more than 102,000 active investors and assets under management of about Sh154 million.

Insurance products are also gaining ground. Tuunza registered approximately 759,000 opt-ins, with 87,000 customers actively purchasing cover, protecting more than 205,000 lives through over 7,100 active policies.

Meanwhile, Ziidi Pochi, a digital savings product targeting low-value savers, recorded 1.46 million opt-ins, nearly 196,000 active users, and assets under management of Sh318 million.

The latest figures underline a broader shift: mobile money platforms in Kenya are no longer just payment tools, but rapidly evolving financial ecosystems powering savings, investments, insurance and even capital market participation — further tightening financial inclusion across the country.