Mobile money surges to 82 per cent in Kenya, surpassing banks, as igaming fuels shift
Mobile money cements its dominance across Kenya with igaming platforms playing a growing role in driving adoption.
Kenya.- Mobile money usage in Kenya has skyrocketed to 82.3 per cent, officially outpacing banks and transforming the country’s financial landscape. Behind this surge is not only increased access to technology and government digital services but also the explosive rise of iGaming which has helped accelerate the shift to mobile-based transactions.
According to the FinAccess survey by the Central Bank of Kenya (CBK), mobile money has become the dominant financial channel across the country, serving as the equaliser for access to services for both rural and urban populations, according to the Kenya Times.
Whether sending money, saving, paying bills or placing a bet, more Kenyans are now relying on platforms like M Pesa, Airtel Money and T Kash to manage their financial lives.
Gaming companies, particularly in sports betting, have tapped into mobile money’s widespread reach to fuel their own growth and, in doing so, have likely boosted mobile money’s adoption.
With deposits, withdrawals and rewards processed almost entirely through mobile wallets, the igaming sector has emerged as one of the quiet powerhouses behind mobile money’s mainstream success. The survey also states that “gaming companies increasingly use mobile money to expand their reach, especially in sports betting”.
iGaming driving payment adoption
This correlation is reflected in usage trends. Daily mobile money transactions didn’t just grow, they took a giant leap, soaring from 23.6 per cent in 2021 to 52.6 per cent in 2024. Analysts say as Kenyans chased wins on betting platforms, they also hit the jackpot with mobile wallets, making mobile money a daily habit rather than a backup plan.
“The usage and quality of financial services and products continue to deepen, on account of increased adoption of technology and innovations, use of a portfolio of products and services, government policies and private sector strategies,” the CBK report noted.
Today, mobile money serves 23.2 million adults, while banks cater to 14.8 million. In urban areas, usage stands at 89.7 per cent, while rural uptake is at 77 per cent, a significant narrowing of the digital divide. Financial inclusion has improved in 30 counties, with Garissa, Samburu and Elgeyo Marakwet recording the biggest gains.
