The number of subscribers on mobile money platforms has rebounded, a new report by the Communications Authority of Kenya (CA) shows, citing the removal of a code that forced customers on Airtel Money to withdraw cash within seven days of receipt or see the amounts reverted to senders.

The latest sector statistics report published by the regulator shows that subscribers onboarded into the mobile money ecosystem during the three months to March this year totalled 700,000, bringing the number to 38.7 million up from the 38 million recorded as of the close of December.

The surge bucks a trend of slumps that commenced in March last year when the number stood at 38.4 million, before dropping to 38 million by June, which was followed by a mild increase to 38.1 million as of September of the same year.

“During the reference period, mobile money subscriptions grew to 38.7 million translating to a penetration rate of 75 percent. Although there was growth in subscriptions, the penetration rate dropped due to a review of the denominator on population following the release of the 2024 Economic Survey,” 

The National Payments Strategy by the CBK requires all mobile money providers to ensure a seamless customer journey across their different channels to allow on-network and off-network direct transactions.