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Mobile money subscribers up by 4.1% to 42.3million – CA
Mobile money subscriber growth is fueled by factors like increased access to technology, the convenience of digital payments, and the need for financial inclusion, particularly in areas with limited traditional banking infrastructure.
By Steve UMIDHA
Mobile money subscribers in Kenya rose by 4.1 percent to 42.3million in three months to December 2024, lifted by an increasing trend in digital payment transactions and the rise of e-commerce and smartphone penetration among users.
This represents a penetration rate of 82.1 percent, according to the latest quarterly industry statistics (October – December 2024) by the Communications Authority of Kenya (CA) released today, March 18.
The country had 38 million subscribers as of December 2023 with a penetration rate of 75.1 percent at the time.
During the Second Quarter, mobile data subscriptions grew by 3.2 percent to 56.1 million of which 78.4 percent were on mobile broadband.
Online activities such as streaming movies, online learning, remote work, and among others have accelerated demand for high-speed internet leading to increased uptake of higher generation mobile technologies as is the case of 4G and 5G.