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Despite Kenya’s central bank backing, mobile money rivals are no match for M-PESA

Despite Kenya’s central bank backing, mobile money rivals are no match for M-PESA

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#fintech
#banking
#mobile money
Kenya’s ICT services in Q3 2023 show a decrease in mobile money subscriptions, Safaricom’s dominance in the market, a rise in mobile and 5G subscriptions, and a higher penetration rate of feature phones over smartphones.

The third quarter of Kenya's financial year (January to March 2023) in the ICT sector reveals several trends. Mobile money subscriptions decreased slightly to 38.4 million, with Safaricom's M-PESA holding a dominant market share of 96.5%. The number of active mobile SIM subscriptions increased to 66.1 million, with Safaricom leading at 43.7 million. Mobile broadband subscriptions reached 47.96 million, with 5G subscriptions growing to 373,573. Additionally, feature phones continue to have a higher penetration rate (66.2% with 33.4 million units) compared to smartphones (58.3% with 29.4 million handsets).


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