Kenya has witnessed a notable decline in mobile money deposits through agents, even as digital transactions continue to grow, according to the 2025 Economic Survey released by the Kenya National Bureau of Statistics (KNBS).
The report revealed that the number of mobile money agents increased by 20.9% to 395,000 in 2024. However, deposits made through these agents dropped by 1.0% to Ksh.6.8 billion. This decline coincides with a growing shift towards Internet and mobile banking, as outlined in the Central Bank of Kenya’s 2023 Financial Sector Stability Report.
CBK data showed a drop in the number of Automated Teller Machines (ATMs), indicating a nationwide move away from traditional banking methods toward digital alternatives.
Despite the dip in agent deposits, Kenya saw a surge in mobile transactions. The value of mobile commerce rose by 6.1% to Ksh.22.0 trillion, while total mobile money transfers increased by 9.4% to Ksh.8.7 trillion. The number of transactions also grew by 10.6% to 2.7 billion.
The ICT sector also expanded, with its value increasing from Ksh.339.5 billion in 2023 to Ksh.364.5 billion in 2024. This growth contributed to a rise in electronic waste, which reached 53.6 thousand metric tonnes, up from 51.9 thousand in the previous year.
Konza Technopolis benefited from this expansion, with revenue climbing to Ksh.252.4 million in 2024 from Ksh.191.3 million in 2023. The number of investors in the tech hub also rose from 56 to 70.
Looking ahead, KNBS projects global economic stability in 2025 with a growth forecast of 3.3%, albeit uneven across regions. Kenya’s economy is expected to remain stable and resilient amid these global trends.
Written By Rodney Mbua
