Kenya’s mobile money sector is witnessing a shift as Airtel Money continues to gain ground, chipping away at M-Pesa’s market dominance.
The latest report from the Communications Authority of Kenya (CA) for October to December 2024 reveals a growing subscriber base of 42.3 million, with Airtel Money making notable gains in market share.
Airtel Money has recorded substantial growth, securing an 8.9% market share, equivalent to 3,764,952 customers. This marks an increase from the previous quarter’s 7.6% share of 40,633,292 mobile money users.
The surge in Airtel Money’s adoption has been credited to enhanced interoperability, which allows Kenyans to seamlessly send, receive, and make payments across different networks.
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M-Pesa Faces Market Share Decline
On the other hand, M-Pesa, the dominant player in Kenya’s mobile money landscape, has experienced a 1.3% market share decline within the three-month reporting period.
The total number of SIM subscriptions in Kenya stands at 71,375,093, reflecting a 138.5% penetration rate. Airtel has also seen an increase in its subscriber base, now holding 21,517,842 subscribers, which translates to a 30.15% market share.
During the previous quarter (July – September 2024), Airtel had 20,740,558 subscribers, meaning the company has grown by 777,284 customers, representing a 3.75% growth rate in just three months.
Airtel’s Strategy for Expansion
Airtel has aggressively expanded its network infrastructure, rolling out nearly 1,000 new network sites last year—the most extensive rollout in the company’s history in Kenya.
With a network footprint exceeding 4,200 sites, Airtel has significantly improved coverage, particularly enhancing indoor connectivity in major towns and cities. Additionally, the company has broadened its reach in North Eastern Kenya, an area where it previously had limited presence.
In early 2025, Airtel launched ‘Smarta Bundles’, a unique product package that enhances Airtel Money benefits by reimbursing transaction fees as Airtime.
This initiative, coupled with the ability to roll over unused daily bundle resources, has given customers more value and connectivity flexibility.
Airtel Money has been actively expanding its market footprint through strategic partnerships and increased visibility. Collaborations with KCB, Naivas, and Moja Expressway, among others, have positioned Airtel Money as a competitive alternative offering Kenyans affordable and reliable mobile money services.
Furthermore, the company has expanded its agent network and dedicated Airtel Money branches, ensuring accessibility across the country. This aggressive growth strategy signals Airtel’s commitment to challenging the market dominance of M-Pesa and reshaping Kenya’s mobile money landscape.
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