Equitel knocks off Telkom to claim third spot in market share

The mobile market just got a little more interesting! Equitel has officially nudged Telkom out of the bronze medal spot in market share, claiming a solid 2.1% as of September 2024. Telkom, now sulking in fourth place, has slid to 1.7%, while Jamii Networks holds a quiet (but consistent) 0.9%. Meanwhile, Airtel Money is flexing its muscles, inching up from 6.6% to 7.6% in market share over just three months. The mobile money game is heating up, and Airtel seems determined to grab a bigger slice of the pie.

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Safaricom’s M-Pesa remains the juggernaut of mobile money with a hefty 92.3% market share, though that’s a tiny dip from 93.4% in June 2024. M-Pesa revenues soared by 16.6% to a whopping KSh 77.2 billion in just six months. Its 266,070 agents are probably too busy counting money to notice the decimal slip.

Safaricom also leads in SIM subscriptions with 65.7%, while Airtel follows with 29.6%. Both recorded a modest boost last quarter. And then there’s Equitel, basking in the glow of its win over Telkom. In total, Kenya now has a mind-boggling 68.1 million connected mobile devices, translating to a penetration rate of 132.2%. (That’s more devices than people!) Of these, 72.6% are smartphones—because let’s face it, no one wants to be caught dead with a feature phone.

The mobile money market is on fire, crossing the 40 million subscriptions mark in September 2024—a 2% growth in just three months. Safaricom continues to dominate, but Airtel Money is catching eyes, with a jaw-dropping 31.4% growth in East Africa. It’s also buddying up with big names like Naivas and Moja Expressway to expand its reach.

Airtel Money agents now stand at around 90,000, a far cry from Safaricom’s 266,070, but the game’s still on. With 365,432 mobile money agents countrywide, it’s safe to say Kenyans have no excuse for saying, “I couldn’t find an agent!” As the telco wars rage on, one thing’s clear: whether it’s money, SIMs, or smartphones, Kenya’s mobile scene is booming.

Here’s what it means for you:

1. As Equitel, Airtel, and Telkom jostle for market share, customers can expect better services, lower costs, and more innovative offers. From cheaper bundles to enhanced mobile money features, telcos are trying to outdo each other to win loyalty.
2. With over 365,000 agents across Kenya and 40+ million subscriptions, mobile money is becoming even more accessible. Whether you’re in a bustling city or a remote village, transferring cash, paying bills, or buying goods is now as simple as tapping your phone.
3. Airtel Money’s new partnerships (e.g., with Naivas and Moja Expressway) hint at greater integration of mobile money into everyday life.

Source; Communication Authority of Kenya.

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