Given that more individuals are utilizing mobile money services to transfer, receive, and hold money, this is a sign that financial inclusion is expanding.
According to TCRA's statistics, there were more subscribers during the three quarters of the 2022–2023 fiscal year, from July 2022 to March 2023, then there were overall in 2020, 2021, and 2022.
In 2020, there were 32.26 million members, according to the latest figures. In 2021, there were a record 35.28 million subscribers, and in 2022, there were 40.95 million customers.
“Number of subscriptions has also been increasing at the average rate of 13 percent per year,” TCRA said in part.
With 36 percent of the market's mobile money accounts, Vodacom continues to have the greatest market share. Tigo is second with 31 percent, Airtel is third with 21 percent, Halotel is fourth with 9 percent, and TTCL is fifth with 3 percent.
According to the statistics, there were 3.4 billion transactions in 2020 and 4.2 billion in 2022, an increase in transactions over the previous three years.
Though the TCRA has not yet disclosed the current transaction amount, earlier data has suggested that by December 2022, mobile money transactions had reached a value of Sh13.89 trillion annually.
Business Insider Africa, recently reported that according to the GSMA's annual State of the Industry Report on Mobile Money 2023, mobile money services are growing faster than anticipated worldwide, particularly in Africa.
The annual report from the GSMA, which is supported by the Bill and Melinda Gates Foundation, shows that adoption rates are rising even faster than anticipated, with the number of registered mobile money accounts increasing by 13% annually, from 1.4 billion in 2021 to 1.6 billion in 2022.
