Airtel Kenya has posed a growing challenge to the long-standing dominance of Safaricom’s M-Pesa in the mobile money market as the number of mobile money subscribers in Kenya rose by 4.1 per cent to 42.3 million in the three months leading up to December 2024.
According to a report by the Communications Authority (CA), Airtel’s GSM business and Airtel Money market recorded positive and sustained growth in the quarter.
Out of the 42,302,833 mobile money subscribers in Kenya between October and December 2024, Airtel Money held a market share of 8.9%, translating to 3,764,952 customers.
This marks an increase from the previous quarter, where Airtel Money had a market share of 7.6% of the 40,633,292 mobile money subscribers.
Airtel Money Eats into M-Pesa’s Ground
The report also indicates that M-Pesa lost its market share by 1.3% in the three-month reporting period.
Reacting to the report, Airtel Kenya described the growth as a “glimmer of hope” for Kenyans.
“In a market riddled with dominance, the sustained growth of Airtel Money is a glimmer of hope for Kenyans as they get enhanced mobile money services and an option at making choice regarding their financial decisions,” Airtel Kenya noted in a statement.
“Airtel Money continues to provide Kenyans with a choice at mobile money solutions offering value for money. Further, with enhanced interoperability, Airtel Money enables Kenyans to access, send money and make payments regardless of the network it is originating from or going to.”
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According to CA, the number of SIM subscriptions in Kenya during the said period was 71,375,093, which represents a penetration rate of 138.5%.
Out of this, Airtel had 21,517,842 subscribers, giving it a market share of 30.15%. This is an increase from the previous quarter (July – September 2024), where Airtel had 20,740,558 subscribers.
This reflects a growth of 777,284 new customers, marking a 3.75% increase in subscriber numbers over the three-month period.
Airtel stated that its growth has been fueled by its continued efforts to position itself as an innovative, purpose-driven company offering value-for-money voice, data, home broadband, enterprise, and mobile money solutions.
Airtel Opens 1,000 New Network Sites and Introduces Smarta Bundles
The company also highlighted its aggressive network expansion, noting that it rolled out nearly 1,000 network sites last year, marking the largest network rollout in the history of its operations in the country.
“Today, with a network footprint of over 4200 network sites, Airtel not only boasts of wide coverage and network reach but also enhanced indoor coverage in major towns and cities across the country,” Airtel said.
“Last year, the company expanded its network coverage extensively in the Northeastern region of the country, a zone where Airtel’s reach was initially limited.”
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To ensure that customers enjoy the improved network, the company has been on an innovation spree, developing products and services that provide value for money, convenience, and flexibility.
In mid-February, Airtel launched ‘Smarta Bundles,’ a first-of-its-kind comprehensive product package that offers enhanced Airtel Money benefits by reimbursing customers’ transaction fees as airtime when they use Airtel Money.
Additionally, the product allows for the rollover of unused daily bundle resources, ensuring that customers remain connected without losing their unused data.
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