Kenya's M-Pesa, Safaricom and Mobile-Money Rules — 2026-09-24
Kenya's mobile-money sector crossed key thresholds this week: subscriptions hit 54 million with M-Pesa holding an 88.8% share, even as CBK data shows transaction counts falling 30% and the agent network shrinking to 568,463. The dominant regulatory story is the new National Payment System Bill, which would force banks and M-Pesa to open up customer data under open-finance rules.
Kenya's M-Pesa, Safaricom and Mobile-Money Rules — 2026-09-24
Top developments
National Payment System Bill targets M-Pesa data openness
A new National Payment System Bill tabled this week proposes open finance, interoperability and tougher consumer protections, requiring banks and M-Pesa to share customer data with licensed third parties. TechCabal reports the bill also proposes capital requirements of up to KES 250 million ($1.93 million) for payment companies operating in Kenya. If enacted, it would reshape Safaricom's closed-loop advantage in mobile money.
Mobile money subscriptions reach 54 million; M-Pesa holds 88.8% share
Kenya's mobile money subscriptions reached 54 million by June 2026, with Safaricom maintaining an 88.8% market share — meaning nine in ten mobile money users run through M-Pesa. The figure underscores why regulator attention and the new payments bill focus on Safaricom's dominance.
Agent network shrinks to 568,463 as cash-in/cash-out volumes hold
The number of registered mobile money agents fell to 568,463 as digital payments bypass cash, with the M-Pesa agent network shrinking and consolidating. Yet active agents still processed 212.45 million cash-in/cash-out transactions worth KSh 682.46 billion in the latest month, showing the channel remains substantial even as its footprint contracts.
CBK reports 30% drop in mobile money transactions
Central Bank of Kenya data shows a 30% drop in mobile money transactions in 2025, attributed to shifting digital payment habits as more users move to bank and card alternatives, even as the banking sector's profits rise. A decline in transaction counts could pressure M-Pesa fee-based revenue over time, though values moved remain large.
Safaricom's telecom share rises while M-Pesa and broadband shares dip
New Communications Authority of Kenya data shows Safaricom's share of mobile subscriptions rose to 69.8% in Q4 2025/26, but its M-Pesa and fixed broadband shares edged down. The company also became the first ISP in Kenya to pass one million fixed broadband subscribers (1,024,950 by end of June 2026, a 36.1% share).
Local view
Kenyan tech outlets frame the week around regulatory risk. Techweez and Nyongesa Sande both flagged the National Payment System Bill as potentially transformative for how M-Pesa data is shared, while TechCabal's locally focused newsletter called the proposed capital requirements "paid-up or priced out".
People Daily's business desk emphasised M-Pesa's tightening grip — "nine in ten mobile money users now on one platform" — highlighting the concentration concern that drives the bill.
Context & numbers
- Mobile money subscriptions: 54 million as of June 2026; M-Pesa share 88.8%
- Agent network: 568,463 registered agents, down as digital payments grow
- Latest month agent volumes: 212.45 million cash-in/cash-out transactions worth KSh 682.46 billion
- January–July 2026 agent channel: ~1.49 billion transactions worth roughly KSh 4.8 trillion
- Mobile money transaction counts fell 30% in 2025 per CBK
- For scale, Safaricom FY26 results (year to March 2026): M-PESA transaction value KSh 41.68 trillion, volume 46.41 billion (+25.1%), Kenya service revenue KES 400.8 billion, M-PESA 45.6% of revenue
On the radar
- The National Payment System Bill — watch for its capital-requirement thresholds (up to KES 250 million) and open-finance implementation timeline in Parliament.
- Airtel Money's IPO target has been cut, per Frontier Fintech — rising competition dynamics for M-Pesa.
- Kenswitch's newly launched domestic card scheme for Kenyan banks could offer a card-based alternative to mobile money rails going forward.
- Rumour-adjacent: reports of a High Court nullifying a $1.6 billion Vodacom stake sale in Safaricom remain unconfirmed in detail by mainstream outlets — treat with caution until corroborated.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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