Kenya Commercial Bank (KCB) is calling for reduced digital payment fees to encourage efficient transactions as more Kenyans adopt mobile money services. The bank's Common Cents campaign aims to promote smarter payment habits and streamline services to help customers save on digital transactions. KCB's Director of Digital Financial Services, Angela Mwirigi, emphasized the importance of considering fees and extra steps involved in digital payments.
According to the Central Bank of Kenya (CBK), registered mobile money accounts in Kenya rose to 95.31 million in August 2026, up from 82.43 million in December 2024. The growth in account numbers indicates a significant shift towards online channels for everyday purchases, bill payments, and school fees. CBK data also shows that 563,605 active agents handled transactions worth Sh761.13 billion in August 2026.
Despite the growth in mobile money accounts, the volume of monthly transactions fell from 309.28 million in 2024 to 217.58 million in 2025. However, the total value of transactions declined modestly from Sh753.45 billion to Sh722.53 billion. The decrease in transaction volume may be attributed to users becoming more cautious about fees and optimizing their payment habits.
KCB's Common Cents campaign encourages customers to adopt smarter payment habits, such as transferring funds directly from a bank account to a mobile wallet before making a payment. This approach can help avoid unnecessary charges and reduce transaction costs. Mwirigi stated that KCB is integrating more services into its mobile banking platform to enable customers to pay bills and school fees directly from their bank accounts.
The CBK has revised maximum charges for bank-to-wallet transfers, setting fees between Sh11 and Sh35 depending on the amount transferred. The regulator is reviewing digital transaction fees to promote affordable digital payments. The National Financial Inclusion Strategy 2025-2028 prioritizes lower transaction costs and broader digital payment use, including peer-to-peer fee caps to reduce costs.
While 83 percent of adults now hold a financial account, many rural residents still rely on cash, where transaction fees can reach 6.9 percent of the amount transferred. The high fees associated with cash transactions underscore the need for affordable digital options. KCB's campaign aims to promote financial inclusion and encourage the adoption of digital payments.
The adoption of digital payments is expected to continue growing, driven by the increasing use of mobile money services and the integration of more services into mobile banking platforms. As the regulator continues to review digital transaction fees, customers are likely to benefit from reduced costs and more efficient transactions. By promoting smarter payment habits and streamlining services, KCB's Common Cents campaign can help Kenyans save on digital transactions and achieve greater financial inclusion.
Key points
- KCB urges consumers and financial institutions to reduce digital payment fees to promote efficient transactions.
- Registered mobile money accounts in Kenya rose to 95.31 million in August 2026.
- The National Financial Inclusion Strategy 2025-2028 prioritizes lower transaction costs and broader digital payment use.
