Kenya records decline in mobile money deposits through agents

The 2025 Economic Survey by the Kenya National Bureau of Statistics (KNBS) revealed that the number of mobile money transfer agents in Kenya are 395,000, a 20.9% increase from 2024. 

While the number of agents increased, the amount of money deposited through these agents decreased by 1.0% to Ksh.6.8 billion. 

The shift is witnessed at a time when Internet Banking has become more popular in Kenya, as highlighted in the Financial Sector Stability Report 2023 by the Central Bank of Kenya (CBK). 

CBK data showed that Kenya recorded a decrease in the number of Automated Teller Machines (ATMs) last year as customers shifted from ATM and physical bank branches to Internet and mobile banking.

KNBS notes an increasing preference for paying for goods and services through mobile money platforms as the value of mobile commerce increased by 6.1% to KSh 22.0 trillion. 

“Total mobile money transfers increased by 9.4% to Ksh.8.7 trillion, while the number of transactions rose by 10.6% to Ksh.2.7 billion transactions in 2024,” KNBS stated. 

Kenya has also recorded an increase in the value of the ICT sector, which moved from Ksh.339.5 billion in 2023 to Ksh.364.5 billion in 2024.

Due to this growth in the ICT sector, there has also been an increase in electronic waste, which grew from 51.9 thousand metric tonnes in 2023 to 53.6 thousand metric tonnes in 2024.

The growth also led to increase in revenue generated by Konza Technopolis, where the number of

investors rose from 56 in 2023 to 70 in 2024. Konza generated Ksh.252.4 million revenue in 2024 from Ksh.191.3 million in 2023.

Further in its 2025 outlook, KNBS foresees that the global economy will remain stable in 2025, with a possible improved performance of 3.3%. 

“However, projected global growth is expected to be uneven, masking significant differences across regions and countries,” KNBS states, highlighting better prospects in developed countries such as the United States of America. 

The economic outlook projects that stability and resilience in Kenya’s economy in 2025.