Kenya Mobile Money Market is Booming and Predicted to Hit US$ 348.3 Billion by 2028

IMARC Group, a leading market research company, has recently releases report titled "𝐊𝐞𝐧𝐲𝐚 𝐌𝐨𝐛𝐢𝐥𝐞 𝐌𝐨𝐧𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐓𝐫𝐞𝐧𝐝𝐬, 𝐒𝐡𝐚𝐫𝐞, 𝐒𝐢𝐳𝐞, 𝐆𝐫𝐨𝐰𝐭𝐡, 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐚𝐧𝐝 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝟐𝟎𝟐𝟑-𝟐𝟎𝟐𝟖″, the Kenya mobile money market size reached US$ 109.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 348.3 Billion by 2028, exhibiting a growth rate (CAGR) of 20.1% during 2023-2028.

Mobile money is an online payment service that stores, manages, receives, and transmits money using different accounts linked with smartphones. It involves finding a provider, setting up an account, and entering account and recipient details as common steps to operate the application. As compared to conventional transaction methods, mobile money is a more secure, instant, easy to use, and flexible platform that enables users to perform person-to-person (P2P) monetary transfers. Apart from this, it operates under financial regulations, provides various pecuniary services to users during humanitarian disasters, and reduces corruption.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐭𝐨 𝐠𝐞𝐭 𝐚𝐧 𝐢𝐝𝐞𝐚 𝐨𝐟 𝐨𝐮𝐫 𝐝𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/kenya-mobile-money-market/requestsample

Kenya Mobile Money Market Trends:

One of the key factors driving the market growth in Kenya is the increasing proliferation of smartphone users and the rising need for secure online payment applications. Mobile money is widely adopted across several industrial verticals for business-to-business (B2B) transfers and bill payments. Moreover, the favorable initiatives being undertaken by the Republic of Kenya to promote the uptake of mobile money to achieve the objective of a cashless economy, improve tax collection, and ensure transparent transactions are propelling the market growth. Additionally, the extensive utilization of point-of-sale (POS) terminals by merchants and the advent of near-field communication (NFC) smart cards to ensure faster transactions are favoring the market growth. Apart from this, the increasing internet penetration, lack of financial institutions across the country, and strategic collaborations amongst key players to launch mobile money with enhanced security features are supporting the market growth.

Competitive Landscape With Key Players:

The competitive landscape of the kenya mobile money market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• M-Pesa (Vodafone Group)
• Equitel Inc.
• MobiKash Afrika Limited
• Airtel Money

Key Market Segmentation:

The report has segmented the kenya mobile money market on the basis of technology, business model, transaction type.

Breakup by Technology:

• USSD
• Mobile Wallets
• Others

Breakup by Business Model:

• Mobile Led Model
• Bank Led Model

Breakup by Transaction Type:

• Peer to Peer
• Bill Payments
• Airtime Top-ups
• Others

𝐀𝐬𝐤 𝐀𝐧𝐚𝐥𝐲𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐖𝐢𝐭𝐡 𝐓𝐎𝐂 & 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐅𝐢𝐠𝐮𝐫𝐞𝐬: https://www.imarcgroup.com/request?type=report&id=1446&flag=C

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

𝗔𝗯𝗼𝘂𝘁 𝗨𝘀:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.