Kenya Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The Kenya mobile money market size reached US$ 109.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 348.3 Billion by 2028, exhibiting a growth rate (CAGR) of 20.1% during 2023-2028.
Mobile money is an innovative payment service that is operated under financial regulations and performed using a mobile device, offering simple person-to-person money transfer rather than complex banking transactions. It is an easy, secure, fast and affordable way of making payment.
Kenya is the second largest market for mobile money in Africa. Increasing adoption of mobile payment by major economic sectors in Kenya such as agriculture, health, retail and wholesale has supported the growth of mobile money industry in the country. Moreover, M-Pesa had launched mobile money services which included financial transactions such as deposit and withdrawal of money, transfer money, pay bills, etc. This initiative by M-Pesa has further boosted the mobile financial services market in Kenya. The popularity of mobile money is currently increasing among businesses in the country. It is largely being used for peer to peer transfer, cash transfer and purchasing goods and services. A large number of businesses and persons are using mobile money platform as a primary account for financial transactions. Various other factors driving the mobile money market in Kenya are increasing use of smart phones, rising internet penetration, lack of access to formal banking and increasing financial inclusion.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Kenya mobile money market report, along with forecasts for the period 2023-2028. Our report has categorized the market based on technology, business model and transaction type.
Breakup by Technology:
USSD
Mobile Wallets
Others
Currently, USSD holds majority of the market share in the Kenya mobile money market.
Breakup by Business Model:
Mobile Led Model
Bank Led Model
Currently, mobile led model holds the largest share in the Kenya mobile money market.
Breakup by Transaction Type:
Peer to Peer
Bill Payments
Airtime Top-ups
Others
Currently, peer to peer transaction type holds the highest share in the market.
Competitive Landscape:
The report has also examined the competitive landscape of the market and provides the profiles of the key players operating in the industry. Some of the key players include:
M-Pesa (Vodafone Group)
Equitel Inc.
MobiKash Afrika Limited
Airtel Money
Key Questions Answered in This Report:
How has the Kenya mobile money market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the Kenya mobile money market?
What is the breakup of the Kenya mobile money market based on the technology?
What is the breakup of the Kenya mobile money market based on the business model?
What is the breakup of the Kenya mobile money market based on the transaction type?
What are the various stages in the value chain of the Kenya mobile money market?
What are the key driving factors and challenges in Kenya mobile money market?
What is the structure of the Kenya mobile money market and who are the key players?
What is the degree of competition in the Kenya mobile money market?
Mobile money is an innovative payment service that is operated under financial regulations and performed using a mobile device, offering simple person-to-person money transfer rather than complex banking transactions. It is an easy, secure, fast and affordable way of making payment.
Kenya is the second largest market for mobile money in Africa. Increasing adoption of mobile payment by major economic sectors in Kenya such as agriculture, health, retail and wholesale has supported the growth of mobile money industry in the country. Moreover, M-Pesa had launched mobile money services which included financial transactions such as deposit and withdrawal of money, transfer money, pay bills, etc. This initiative by M-Pesa has further boosted the mobile financial services market in Kenya. The popularity of mobile money is currently increasing among businesses in the country. It is largely being used for peer to peer transfer, cash transfer and purchasing goods and services. A large number of businesses and persons are using mobile money platform as a primary account for financial transactions. Various other factors driving the mobile money market in Kenya are increasing use of smart phones, rising internet penetration, lack of access to formal banking and increasing financial inclusion.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Kenya mobile money market report, along with forecasts for the period 2023-2028. Our report has categorized the market based on technology, business model and transaction type.
Breakup by Technology:
USSD
Mobile Wallets
Others
Currently, USSD holds majority of the market share in the Kenya mobile money market.
Breakup by Business Model:
Mobile Led Model
Bank Led Model
Currently, mobile led model holds the largest share in the Kenya mobile money market.
Breakup by Transaction Type:
Peer to Peer
Bill Payments
Airtime Top-ups
Others
Currently, peer to peer transaction type holds the highest share in the market.
Competitive Landscape:
The report has also examined the competitive landscape of the market and provides the profiles of the key players operating in the industry. Some of the key players include:
M-Pesa (Vodafone Group)
Equitel Inc.
MobiKash Afrika Limited
Airtel Money
Key Questions Answered in This Report:
How has the Kenya mobile money market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the Kenya mobile money market?
What is the breakup of the Kenya mobile money market based on the technology?
What is the breakup of the Kenya mobile money market based on the business model?
What is the breakup of the Kenya mobile money market based on the transaction type?
What are the various stages in the value chain of the Kenya mobile money market?
What are the key driving factors and challenges in Kenya mobile money market?
What is the structure of the Kenya mobile money market and who are the key players?
What is the degree of competition in the Kenya mobile money market?
1 PREFACE
2 SCOPE AND METHODOLOGY
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 EXECUTIVE SUMMARY
4 INTRODUCTION
4.1 Overview
4.2 Key Industry Trends
5 KENYA MOBILE MONEY MARKET
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Technology
5.5 Market Breakup by Business Model
5.6 Market Breakup by Transaction Type
5.7 Market Forecast
5.8 SWOT Analysis
5.8.1 Overview
5.8.2 Strengths
5.8.3 Weaknesses
5.8.4 Opportunities
5.8.5 Threats
5.9 Value Chain Analysis
5.10 Porters Five Forces Analysis
5.10.1 Overview
5.10.2 Bargaining Power of Buyers
5.10.3 Bargaining Power of Suppliers
5.10.4 Degree of Competition
5.10.5 Threat of New Entrants
5.10.6 Threat of Substitutes
6 MARKET BREAKUP BY TECHNOLOGY
6.1 USSD
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Mobile Wallets
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Others
6.3.1 Market Trends
6.3.2 Market Forecast
7 MARKET BREAKUP BY BUSINESS MODEL
7.1 Mobile Led Model
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Bank Led Model
7.2.1 Market Trends
7.2.2 Market Forecast
8 MARKET BREAKUP BY TRANSACTION TYPE
8.1 Peer to Peer
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Bill Payments
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Airtime Top-ups
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 REGULATORY FRAMEWORK
10 COMPETITIVE LANDSCAPE
10.1 Market Structure
10.2 Key Players
10.3 Profiles of Key Players
10.3.1 M-Pesa (Vodafone Group)
10.3.2 Equitel Inc.
10.3.3 MobiKash Afrika Limited
10.3.4 Airtel Money
2 SCOPE AND METHODOLOGY
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 EXECUTIVE SUMMARY
4 INTRODUCTION
4.1 Overview
4.2 Key Industry Trends
5 KENYA MOBILE MONEY MARKET
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Technology
5.5 Market Breakup by Business Model
5.6 Market Breakup by Transaction Type
5.7 Market Forecast
5.8 SWOT Analysis
5.8.1 Overview
5.8.2 Strengths
5.8.3 Weaknesses
5.8.4 Opportunities
5.8.5 Threats
5.9 Value Chain Analysis
5.10 Porters Five Forces Analysis
5.10.1 Overview
5.10.2 Bargaining Power of Buyers
5.10.3 Bargaining Power of Suppliers
5.10.4 Degree of Competition
5.10.5 Threat of New Entrants
5.10.6 Threat of Substitutes
6 MARKET BREAKUP BY TECHNOLOGY
6.1 USSD
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Mobile Wallets
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Others
6.3.1 Market Trends
6.3.2 Market Forecast
7 MARKET BREAKUP BY BUSINESS MODEL
7.1 Mobile Led Model
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Bank Led Model
7.2.1 Market Trends
7.2.2 Market Forecast
8 MARKET BREAKUP BY TRANSACTION TYPE
8.1 Peer to Peer
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Bill Payments
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Airtime Top-ups
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 REGULATORY FRAMEWORK
10 COMPETITIVE LANDSCAPE
10.1 Market Structure
10.2 Key Players
10.3 Profiles of Key Players
10.3.1 M-Pesa (Vodafone Group)
10.3.2 Equitel Inc.
10.3.3 MobiKash Afrika Limited
10.3.4 Airtel Money
LIST OF TABLES
Table 1: Kenya: Mobile Money Market: Key Industry Highlights, 2022 and 2028
Table 2: Kenya: Mobile Money Market Forecast: Breakup by Technology (in Billion US$), 2023-2028
Table 3: Kenya: Mobile Money Market Forecast: Breakup by Business Model (in Billion US$), 2023-2028
Table 4: Kenya: Mobile Money Market Forecast: Breakup by Transaction Type (in Billion US$), 2023-2028
Table 5: Kenya: Mobile Money Market: Competitive Structure
Table 6: Kenya: Mobile Money Market: Key Players
Table 1: Kenya: Mobile Money Market: Key Industry Highlights, 2022 and 2028
Table 2: Kenya: Mobile Money Market Forecast: Breakup by Technology (in Billion US$), 2023-2028
Table 3: Kenya: Mobile Money Market Forecast: Breakup by Business Model (in Billion US$), 2023-2028
Table 4: Kenya: Mobile Money Market Forecast: Breakup by Transaction Type (in Billion US$), 2023-2028
Table 5: Kenya: Mobile Money Market: Competitive Structure
Table 6: Kenya: Mobile Money Market: Key Players
LIST OF FIGURES
Figure 1: Kenya: Mobile Money Market: Major Drivers and Challenges
Figure 2: Kenya: Mobile Money Market: Transaction Value (in Billion US$), 2017-2022
Figure 3: Kenya: Mobile Money Market: Breakup by Technology (in %), 2022
Figure 4: Kenya: Mobile Money Market: Breakup by Business Model (in %), 2022
Figure 5: Kenya: Mobile Money Market: Breakup by Transaction Type (in %), 2022
Figure 6: Kenya: Mobile Money Market Forecast: Transaction Value (in Billion US$), 2023-2028
Figure 7: Kenya: Mobile Money Industry: SWOT Analysis
Figure 8: Kenya: Mobile Money Industry: Value Chain Analysis
Figure 9: Kenya: Mobile Money Industry: Porter’s Five Forces Analysis
Figure 10: Kenya: Mobile Money Market (USSD): Transaction Value (in Billion US$), 2017 & 2022
Figure 11: Kenya: Mobile Money Market Forecast (USSD): Transaction Value (in Billion US$), 2023-2028
Figure 12: Kenya: Mobile Money Market (Mobile Wallets): Transaction Value (in Billion US$), 2017 & 2022
Figure 13: Kenya: Mobile Money Market Forecast (Mobile Wallets): Transaction Value (in Billion US$), 2023-2028
Figure 14: Kenya: Mobile Money Market (Others): Transaction Value (in Billion US$), 2017 & 2022
Figure 15: Kenya: Mobile Money Market Forecast (Others): Transaction Value (in Billion US$), 2023-2028
Figure 16: Kenya: Mobile Money Market (Mobile Led Model): Transaction Value (in Billion US$), 2017 & 2022
Figure 17: Kenya: Mobile Money Market Forecast (Mobile Led Model): Transaction Value (in Billion US$), 2023-2028
Figure 18: Kenya: Mobile Money Market (Bank Led Model): Transaction Value (in Billion US$), 2017 & 2022
Figure 19: Kenya: Mobile Money Market Forecast (Bank Led Model): Transaction Value (in Billion US$), 2023-2028
Figure 20: Kenya: Mobile Money Market (Peer to Peer): Transaction Value (in Billion US$), 2017 & 2022
Figure 21: Kenya: Mobile Money Market Forecast (Peer to Peer): Transaction Value (in Billion US$), 2023-2028
Figure 22: Kenya: Mobile Money Market (Bill Payments): Transaction Value (in Billion US$), 2017 & 2022
Figure 23: Kenya: Mobile Money Market Forecast (Bill Payments): Transaction Value (in Billion US$), 2023-2028
Figure 24: Kenya: Mobile Money Market (Airtime Top-ups): Transaction Value (in Billion US$), 2017 & 2022
Figure 25: Kenya: Mobile Money Market Forecast (Airtime Top-ups): Transaction Value (in Billion US$), 2023-2028
Figure 26: Kenya: Mobile Money Market (Others): Transaction Value (in Billion US$), 2017 & 2022
Figure 27: Kenya: Mobile Money Market Forecast (Others): Transaction Value (in Billion US$), 2023-2028
Figure 28: Kenya: Mobile Money Market: Breakup by Key Players (in %)
Figure 1: Kenya: Mobile Money Market: Major Drivers and Challenges
Figure 2: Kenya: Mobile Money Market: Transaction Value (in Billion US$), 2017-2022
Figure 3: Kenya: Mobile Money Market: Breakup by Technology (in %), 2022
Figure 4: Kenya: Mobile Money Market: Breakup by Business Model (in %), 2022
Figure 5: Kenya: Mobile Money Market: Breakup by Transaction Type (in %), 2022
Figure 6: Kenya: Mobile Money Market Forecast: Transaction Value (in Billion US$), 2023-2028
Figure 7: Kenya: Mobile Money Industry: SWOT Analysis
Figure 8: Kenya: Mobile Money Industry: Value Chain Analysis
Figure 9: Kenya: Mobile Money Industry: Porter’s Five Forces Analysis
Figure 10: Kenya: Mobile Money Market (USSD): Transaction Value (in Billion US$), 2017 & 2022
Figure 11: Kenya: Mobile Money Market Forecast (USSD): Transaction Value (in Billion US$), 2023-2028
Figure 12: Kenya: Mobile Money Market (Mobile Wallets): Transaction Value (in Billion US$), 2017 & 2022
Figure 13: Kenya: Mobile Money Market Forecast (Mobile Wallets): Transaction Value (in Billion US$), 2023-2028
Figure 14: Kenya: Mobile Money Market (Others): Transaction Value (in Billion US$), 2017 & 2022
Figure 15: Kenya: Mobile Money Market Forecast (Others): Transaction Value (in Billion US$), 2023-2028
Figure 16: Kenya: Mobile Money Market (Mobile Led Model): Transaction Value (in Billion US$), 2017 & 2022
Figure 17: Kenya: Mobile Money Market Forecast (Mobile Led Model): Transaction Value (in Billion US$), 2023-2028
Figure 18: Kenya: Mobile Money Market (Bank Led Model): Transaction Value (in Billion US$), 2017 & 2022
Figure 19: Kenya: Mobile Money Market Forecast (Bank Led Model): Transaction Value (in Billion US$), 2023-2028
Figure 20: Kenya: Mobile Money Market (Peer to Peer): Transaction Value (in Billion US$), 2017 & 2022
Figure 21: Kenya: Mobile Money Market Forecast (Peer to Peer): Transaction Value (in Billion US$), 2023-2028
Figure 22: Kenya: Mobile Money Market (Bill Payments): Transaction Value (in Billion US$), 2017 & 2022
Figure 23: Kenya: Mobile Money Market Forecast (Bill Payments): Transaction Value (in Billion US$), 2023-2028
Figure 24: Kenya: Mobile Money Market (Airtime Top-ups): Transaction Value (in Billion US$), 2017 & 2022
Figure 25: Kenya: Mobile Money Market Forecast (Airtime Top-ups): Transaction Value (in Billion US$), 2023-2028
Figure 26: Kenya: Mobile Money Market (Others): Transaction Value (in Billion US$), 2017 & 2022
Figure 27: Kenya: Mobile Money Market Forecast (Others): Transaction Value (in Billion US$), 2023-2028
Figure 28: Kenya: Mobile Money Market: Breakup by Key Players (in %)
