With the rapid development of online gaming, the usage rate of mobile money in Kenya has soared to 82.3%, officially surpassing banks and completely changing the national financial landscape. This trend is not only due to technological advancements and the widespread adoption of government digital services but also due to the explosive growth of the iGaming industry, which has promoted the popularization and normalization of mobile transactions.
According to the "Kenya Times", the FinAccess survey by the Central Bank of Kenya (CBK) shows that mobile money has become the main financial channel nationwide, providing more balanced financial services to urban and rural populations. Nowadays, more and more Kenyans choose mobile wallets like M-Pesa, Airtel Money, and T-Kash to manage their finances, whether it's for remittances, savings, paying bills, or participating in online gambling.
Online gaming companies, especially sports betting platforms, are fully leveraging the extensive influence of mobile money to expand their businesses. This strategy not only promotes the development of the gambling industry but also serves as an important driver for the popularization of mobile payments. Deposits, withdrawals, and rewards on gaming platforms are almost entirely done through mobile wallets, making the iGaming industry one of the key engines behind the successful mainstreaming of mobile money. The survey indicates, "More and more gaming companies are using mobile money to expand their coverage, especially in the sports betting sector."
iGaming Leads Payment Innovation
The data shows that this correlation is particularly evident in usage trends. The daily transaction volume of mobile money has seen a significant increase, jumping from 23.6% in 2021 to 52.6% in 2024. Analysts point out that while Kenyans pursue profits on gambling platforms, they also facilitate capital flow and reward accumulation through mobile wallets, gradually making mobile money a part of everyday life rather than just an alternative option.
The CBK report emphasizes, "The adoption of technology and innovation, the diversification of products and services, and the joint implementation of government policies and private sector strategies are continuously enhancing the usage and quality of financial services."
Currently, mobile money services cover 23.2 million adults, while banking services cover 14.8 million adults. The usage rate of mobile money reaches 89.7% in urban areas and 77% in rural areas, significantly narrowing the digital divide. Financial inclusivity has been enhanced in 30 counties, with Garissa County, Samburu County, and Elgeyo Marakwet County showing the most significant increases.
