The volume of mobile money transactions in Kenya dropped by 30 percent in 2025, even as the number of mobile subscriptions, accounts, and agents continued to increase, according to the Central Bank of Kenya (CBK).
The CBK Bank Supervision Annual Report 2025 shows that mobile money transactions fell from 309.3 million in 2024 to 217.6 million in 2025.
However, the decline in transaction numbers was not matched by a similar fall in the amount of money moved through the platforms.
The total value of mobile money transactions declined by only four percent, from KSh753.5 billion in 2024 to KSh722.5 billion in 2025.
CBK Report Shows Shift to Larger Digital Payments
The figures point to a change in how customers use mobile money services, with transaction volumes falling much faster than the overall value of funds transferred.
This means that although fewer transactions were recorded, the average amount per transaction increased during the period.
CBK noted that customers were increasingly making fewer low-value transactions while consolidating transfers into larger payments.
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The shift has also been influenced by the growing use of alternative digital payment channels, including merchant payments and mobile banking platforms.
As more payment options become available, customers and businesses can make transactions directly through digital channels instead of relying as heavily on agents for cash deposits and withdrawals.
Mobile Money Network Continues to Expand
The decline in transaction volumes occurred alongside continued growth in Kenya’s mobile and mobile money infrastructure.
Mobile subscriptions increased by 10 percent, from 71.4 million in December 2024 to 78.4 million in December 2025.
The number of mobile money agents also rose by 24 percent during the year, increasing from 381,116 to 473,536.
Registered mobile money accounts reached 89.46 million by December 2025, showing that access to the services remained widespread despite the fall in transaction activity.
CBK’s July 2026 figures showed that registered mobile money accounts had since risen to more than 94 million, while active agents had surpassed 575,000.
Banking Sector Records Strong Profit Growth
The financial sector also performed in 2025, with Kenya’s banking sector posting KSh306.3 billion in profit before tax.
The figure represented a 17.7 percent increase from KSh260.3 billion recorded in 2024. CBK attributed the improvement mainly to a larger reduction in expenses compared with the decline in income.
Total banking sector expenses fell by KSh67.4 billion, while total income declined by KSh21.5 billion during the year.
Interest expenses fell the most, down KSh96.9 billion from KSh385.8 billion in 2024 to KSh288.9 billion in 2025.
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At the same time, the banking sector’s gross loans and advances increased by KSh277 billion, indicating lending growth despite lower interest income from loans.
Interest earned from loans and advances fell from KSh540.9 billion to KSh500.4 billion during the year.
At the same time, income from government securities increased from KSh262.3 billion in 2024 to KSh287.2 billion, helping cushion the decline in interest income from loans.
Digital Payments Change
The mobile money figures suggest that the sector is not simply shrinking, but that customer usage patterns are changing.
CBK’s data shows that fewer transactions can still move significant amounts of money when customers shift towards larger payments and alternative digital channels.
The growth in merchant payments and mobile banking has given customers more ways to transact directly, while the continued increase in accounts and agents shows that mobile money remains widely accessible.
The changes point to an increasingly diversified digital payments ecosystem, with mobile money continuing to play an important role alongside other financial services.
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