Despite increased competition, M-Pesa is maintaining a large lead the Kenyan market, according to official statistics.Over KES1 trillion ($10 billion) of mobile money deposits and withdrawals took place in Kenya between July and September 2016.
The Kenyan government’s latest quarterly update on the communications sector showed there were 31 million subscriptions across the country’s competing mobile money services – including corporate payments, person-to-person (P2P) and money transfer. Of these, 20.7 million (66%) used Safaricom’s M-Pesa service.
In terms of customer-base, Airtel Money ranked second in the market with 5.9 million users. Equitel had 2 million using its service, followed by Mobikash on 1.8 million subscribers.
The total value of customers’ deposits and withdrawals through the country’s 169,698 agents was KES1.08 trillion. Mobile payment commerce transactions were valued at KES447.4 billion while P2P transfers stood at KES474.5 billion for the three-month period. Put into context, according to the World Bank’s latest data, Kenya’s GDP stands at just below $65 billion and its population is around 46 million.
Agent numbers increased 25% year-on-year, and number of subscriptions grew 8%. Annual comparisons of the other metrics are not yet possible, as this is the first time the authority made them available.