Editor's Review

The Central Bank of Kenya (CBK) has revealed that mobile money transaction volume fell by 30 percent in 2025. 

The Central Bank of Kenya (CBK) has revealed that the volume of mobile money transactions fell by 30 percent in 2025. 

In the 2025 Bank Supervision report released on Tuesday, September 22, CBK said mobile money transaction volumes declined from 309.3 million in 2024 to 217.6 million in 2025.

CBK also noted that transaction value fell by 4 percent, from Ksh753.5 billion to Ksh722.5 billion. 

“The volume of transactions declined by 30 percent, from 309.3 million in 2024 to 217.6 million in 2025, while the total value of transactions fell more modestly by 4 percent, from Ksh 753.5 billion to Ksh 722.5 billion,” read part of the report. 

According to CBK, mobile money transaction volumes reached their lowest point in February 2025, marking the weakest level since April 2023.

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File image of the Central Bank of Kenya. 

The Central Bank attributed the decrease in mobile money transactions to shifting usage patterns. 

CBK highlighted that users have reduced the frequency of low-value transactions and instead make fewer high-value transactions. 

“The decline in cash-in and cash-out transactions largely reflects shifting usage patterns rather than reduced relevance of mobile money. 

“There was reduced frequency of low-value transactions, while users increasingly consolidated transfers into fewer, higher-value payments,” CBK said. 

The banking regulator also pointed to the growing adoption of alternative digital payment channels, including merchant payments and mobile banking platforms

“The growing adoption of alternative digital payment channels, including merchant payments and mobile banking platforms, has reduced reliance on agent-based cash conversion, signaling a gradual transition toward a more digitized payments ecosystem,” CBK added. 

Despite the decline in the volume of mobile money transactions, mobile subscriptions increased by 10 percent to 78.4 million in 2025 from 71.4 million in 2024, 

The growth was driven by increased mobile phone device penetration, with the number of devices rising by 6.2 million from 72.1 million in 2024 to 78.4 million in 2025. 

The mobile money agent network expanded by 24 percent from 381,116 agents in 2024 to 473,536 in 2025. 

Meanwhile, the number of deposits in commercial banks in 2025 rose by 11.6 percent to Ksh6.12 trillion.

CBK attributed the increase to mobilization initiatives undertaken by commercial banks during the year.

The growth in deposits formed part of an overall expansion of the banking sector, whose total net assets increased by 10.3 percent from Ksh7.57 trillion in December 2024 to Ksh8.35 trillion in December 2025.

CBK said the increase in net assets was supported by higher holdings of government securities, loans and advances, balances at the Central Bank and cash.