The most popular payment methods in Kenya 2024: Cash is king but M-Pesa remains huge
- Rising transaction charges prompt merchants to shift to cash transactions.
- Cash accounts for 80% of daily transactions in Kenya.
- M-Pesa retains a 93.4% market share despite increasing competition.
The shift towards cash transactions due to rising costs and regulatory scrutiny indicates a potential vulnerability in the mobile payments ecosystem, particularly for M-Pesa. While M-Pesa remains dominant, the increasing competition from Airtel Money and Pesalink suggests that the market dynamics are changing, which could lead to further innovations and customer choices in the future. It would be interesting to explore how these changes might impact the unbanked population and the overall economy.
