According to the latest report by IMARC Group, titled “Kenya Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” The Kenya mobile money market size reached US$ 89.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 315.8 Billion by 2027, exhibiting a growth rate (CAGR) of 20.46% during 2022-2027.
Mobile money refers to an innovative payment service that is performed under financial regulations and conducted using a mobile device, offering simple person-to-person fund transfers rather than complex banking transactions. It is a secure, easy, fast, and affordable way of making payments. Mobile money can be of various types, such as M-Pesa, equitel inc, mobikash Afrika limited, airtel money, etc. It allows people to receive, store, and spend money using a smartphone.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Kenya Mobile Money Market Trends:
The escalating demand for this payment method by major economic sectors, including health, retail, agriculture, and wholesale, is among the primary factors driving the Kenya mobile money market. Besides this, the launch of several monetary benefits by the leading players, such as deposit and withdrawal, transfer of funds, paying bills, etc., is further augmenting the market growth. Moreover, the growing popularity of mobile money for peer-to-peer transfer, cash change, and purchasing goods and services is also catalyzing the market across Kenya. Apart from this, the inflating usage of smartphones, rising internet penetration, and lack of access to formal banking are acting as significant growth-inducing factors. Furthermore, various financial services are offered through this platform, including microloans, insurance, and hospitalization covers, which is expected to bolster the Kenya mobile money market in the coming years.
Competitive Landscape With Key Players:
The competitive landscape of the Kenya Mobile Money Market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- M-Pesa (Vodafone Group)
- Equitel Inc.
- MobiKash Afrika Limited
- Airtel Money
Key Market Segmentation:
The report has segmented the Kenya Mobile Money Market on the basis of technology, business model, transaction type.
Breakup by Technology:
- Mobile Wallets
Breakup by Business Model:
- Mobile Led Model
- Bank Led Model
Breakup by Transaction Type:
- Peer to Peer
- Bill Payments
- Airtime Top-ups
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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