Airtel Money’s share of Kenya’s mobile money market has reached 10.3% for the quarter to September 2025, while M-PESA has declined to 89.7%, according to new data from telecoms watchdog the Communications Authority (CA).
It is the first time M-PESA has fallen below the 90% mark, signalling a structural shift in a market that has long operated around a single dominant provider.
The CA data shows M-PESA falling by 7.4% points since June 2023, sliding from 97.1%. Airtel Money has climbed from 2.8% to 10.3% over the same period.
Mandatory wallet interoperability has reduced the lock-in effect that once protected M-PESA’s larger base. Users can now send money across networks without friction, making price and service the main deciding factors.
Airtel Money moved quickly to capitalise on this opportunity through targeted fee cuts. Sending KES 1,000 across networks costs KES 11 on Airtel, compared with KES 13 on M-PESA.
Airtel has reported nearly 78% year-on-year growth in its agent network as it worked to close distribution gaps. Even with this growth, M-PESA maintains a distribution lead. Safaricom has 319,000 agents across the country, according to its 2026 half-year report.
Agency interoperability has not taken effect, meaning Airtel users cannot withdraw at M-PESA agents. This limits true interchangeability and gives M-PESA an operational edge in areas where access to agents shapes wallet choice.
Airtel is also building transaction volume through international remittances. Partnerships with WorldRemit and Remitly allow users to receive transfers from 129 countries, often at no cost. These flows support broader wallet activity and push Airtel Money into higher-value transaction segments.
The fall below 90% does not alter M-PESA’s leadership in merchant payments, transaction value or ecosystem depth, but it marks a shift toward a more competitive market structure. The data points to pricing tension, new regulatory outcomes and wider user choice.
The key question is whether Airtel can sustain a double-digit share. The next set of figures will show whether Safaricom responds through fee changes, new features or expanded distribution, and how these moves could affect the broader payments market in 2026, even as the regulator, the Central Bank of Kenya, is expected to slash mobile money fees by half.
