The Communications Authority of Kenya (CA) has reported that M-Pesa’s market share has grown to 98.8 per cent with 29.1 million registered active subscribers as of March 31, 2020.
Since the establishment of M-Pesa into the market in March 2007, many Kenyans have adapted to the mobile money transfer product entrenching it deeply into Kenya’s economy.
Almost every mobile phone user is registered on M-Pesa and businesses depend on it as an alternative to cash payment. It is almost impossible to run a business nowadays without providing the M-Pesa payment option.
According to the report, M-Pesa is also facilitated by 202,102 mobile money agents countrywide.
Airtel money took the second position with a 1.1 per cent share of the market and T-Kash from Telkom came last with 0.05 per cent.
Equitel was not included in the report as CA previously cited that the service was more of a banking product, and stopped reporting all transactions associated with it.
Over the years, M-Pesa has evolved into a robust product containing more services such as Lipa Na M-Pesa, which has boosted many business transactions.
M-Pesa is also deeply entrenched into the market and most people already using the service are so accustomed to it that they would never make a switch.
Following the outbreak of Covid-19 in March, Safaricom waived M-Pesa fees for transactions of Sh1,000 and less. The Central Bank recently announced that the waiver has been extended till December 31, 2020.