Kenya is experiencing a shift in financial behavior as visits to mobile money agents decline, even as digital transactions hit new highs, the 2025 Economic Survey by the Kenya National Bureau of Statistics (KNBS) reveals.
According to the report, the number of registered mobile money agents in the country rose to 395,000 in 2024, marking a 20.9% increase from the previous year. However, the value of deposits made through these agents dropped by 1.0% to Ksh.6.8 billion, pointing to a declining reliance on physical agent networks.
This trend reflects broader changes in consumer preferences, with more Kenyans embracing internet and mobile banking platforms. The Central Bank of Kenya (CBK), in its 2023 Financial Sector Stability Report, reported a fall in the number of Automated Teller Machines (ATMs) across the country, driven by a growing preference for online financial services.
Despite the dip in agent activity, mobile money remains robust. The total value of mobile money transfers surged by 9.4% to Ksh.8.7 trillion in 2024, with the number of transactions increasing by 10.6% to 2.7 billion. Additionally, mobile commerce flourished, rising by 6.1% to Ksh.22.0 trillion, underscoring the platform’s growing role in retail and service payments.
The digital economy’s expansion is also evident in the ICT sector, which grew from Ksh.339.5 billion in 2023 to Ksh.364.5 billion in 2024. This growth came with a side effect — an increase in electronic waste, which rose from 51.9 thousand metric tonnes to 53.6 thousand metric tonnes over the same period.
At the heart of Kenya’s tech transformation, Konza Technopolis continued to thrive. The number of investors at the smart city increased from 56 in 2023 to 70 in 2024, boosting its revenue from Ksh.191.3 million to Ksh.252.4 million.
Looking ahead, KNBS forecasts economic stability and resilience for Kenya in 2025. The global economy is expected to grow by 3.3%, though KNBS notes this recovery may be uneven, with developed economies like the United States expected to perform better than others.