By Michelle Ndaga
Airtel Money has achieved a landmark by capturing 10.3 per cent of Kenya’s mobile money market in the quarter to September 2025, the first time the service has reached double digits since its launch.
Latest figures from the Communications Authority reveal that Airtel’s steady advance, driven by lower tariffs, an expanded agent network and sustained marketing, has pushed Safaricom’s M-Pesa below 90 per cent for the first time.
M-Pesa closed the period with 89.7 per cent share, down from 95 per cent in 2023 and 90.8 per cent earlier this year.
The shift marks the clearest sign yet that Kenya’s once unassailable mobile money monopoly is gradually eroding. While M-Pesa remains overwhelmingly dominant, its slow decline has created space for meaningful competition after years of near-total control.
Telkom’s T-Kash continues to languish below one per cent with negligible growth, leaving the market increasingly shaped by a duopoly.
Overall mobile money usage continues to surge. Active accounts rose to 47.7 million, lifting penetration to 91 per cent from 77.3 per cent a year earlier. The sector now handles 6.59 per cent of all national payments, according to Central Bank data.
Transaction values and volumes underline the transformation of Kenya’s financial landscape since M-Pesa’s 2007 debut. Monthly flows have ballooned from Sh3.8 billion to Sh753.5 billion, while the number of transactions has jumped from 1.3 million to 309 million.
Broader mobile subscriptions also grew 2.1 per cent to 78.3 million active SIM cards, pushing penetration to 149.4 per cent as many Kenyans maintain multiple lines to chase the best rates and coverage.
Industry analysts say Airtel’s breakthrough will intensify pressure on pricing and innovation, delivering long-term benefits to consumers even as M-Pesa retains its grip on the vast majority of transactions.
