Kenya’s registered mobile money agent network fell by more than 34,000 between March and June 2026, even as mobile money subscriptions continued to rise, highlighting a growing shift towards digital transactions conducted directly from customers’ phones.
The number of registered mobile money agents declined from 602,470 in March to 568,463 by June, representing a 5.6 per cent drop. Over the same period, mobile money subscriptions increased by 1.2 per cent, rising from 53.37 million to 54.01 million.
Brandspur Banking News Desk reports that the contrasting figures point to a changing structure in Kenya’s mobile money market, where growing use of digital payment channels is reducing dependence on physical outlets for some transactions. On an annual basis, mobile money subscriptions rose by 13.2 per cent by June.
The growing adoption of smartphones is also reshaping how consumers access financial services. Smartphone connections increased from 50.18 million in March to 52.26 million in June, while feature-phone connections fell to 27.42 million. Mobile data subscriptions also increased to 64.26 million, with mobile broadband subscriptions reaching 54.93 million during the quarter.
As more consumers use mobile applications and digital payment channels, transactions that once required a visit to an agent can increasingly be completed from a mobile phone. Transfers, payments and other services can be carried out without customers necessarily needing to handle physical cash.
The development does not mean demand for mobile money itself is weakening. Instead, the figures show that usage is expanding while the physical network supporting some traditional cash-based transactions is contracting.
That shift could have consequences for agents whose businesses have historically relied on customers visiting outlets to deposit or withdraw cash. As digital transactions become more common, physical agents may face pressure to adapt their services and business models.
Safaricom remained the dominant player in Kenya’s mobile money market, accounting for 88.8 per cent of subscriptions by June, while Airtel held 11.1 per cent.
For consumers who still rely on physical agents, particularly for cash services, a shrinking agent network could affect access in some areas. For businesses and financial service providers, the figures point to a market increasingly shaped by smartphones, mobile data and direct digital payments.
Kenya’s latest figures therefore present a market in transition: mobile money usage is growing, but the number of physical agents serving customers is falling. The divergence underscores how rapidly digital financial services are changing the way people move and manage money.
