Safaricom’s dominance in Kenya’s mobile money space is waning, with fresh data showing a further dip in M-Pesa’s market share even as rival Airtel Money continues its upward momentum.

Data from the Communications Authority of Kenya (CA) Q3 sector statistics report revealed M-Pesa’s market share fell to 90.8 percent in the quarter ending March 2025, down from 94.9 percent recorded during the same period last year.

In contrast, Airtel Money posted a significant gain, climbing to 9.1 percent from 5.1 percent year-on-year.

The report attributes the shift to growing competition and improved service offerings from Airtel Money, which has stepped up its presence in the market through customer-centric innovations and expanded agent networks.

Mobile money subscriptions overall rose by 7.3% to 45.4 million, reflecting the continued reliance on mobile-based financial services in Kenya.

This growth mirrors the uptick in active SIM subscriptions, which hit 76.2 million, representing a 145.3% penetration rate.

The CA’s findings underscore a slowly changing landscape in the mobile financial services sector, long dominated by Safaricom’s M-Pesa since its launch in 2007.

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The data also points to increased consumer choice as smaller players challenge the market leader.

If the current trends continue, industry observers expect the market to become more competitive, potentially offering better pricing, services, and innovation for consumers.

“The mobile money market continues to evolve, offering users more flexibility and improved digital financial solutions,” the report notes.

Kenya’s digital economy continues to expand, with top firms sustaining their momentum for scaling up their market share in the face of the advent of fintechs.