(NAIROBI, KENYA) – Average annual commissions earned by M-Pesa agents in Kenya have fallen to a record low of KES 112,244 (USD 867, GBP 670), squeezed by a fast growing number of outlets competing for transactions. The figure, which works out to roughly KES 9,353 (USD 72, GBP 56) per month, dropped from KES 124,720 (USD 963, GBP 745) in 2025 and KES 144,355 (USD 1,115, GBP 862) in 2024.
Safaricom data shows the number of M-Pesa agents climbed to 333,011 in the financial year ended March 2026, up from 298,890 a year earlier. The agent network has nearly doubled from 173,000 outlets recorded in 2020. Over the past three years to March 2026, Safaricom added 70,995 new agents.
Total commissions paid to agents dipped by KES 444.8 million (USD 3.4 million, GBP 2.7 million) to KES 37.38 billion (USD 288.7 million, GBP 223.2 million) in the year under review. The payout had peaked at KES 37.82 billion (USD 292.1 million, GBP 225.9 million) in the year ended March 2024. Commission spending remained broadly flat compared to KES 37.27 billion (USD 287.9 million, GBP 222.6 million) in 2025, confirming that the fall in individual earnings stems chiefly from the swelling agent base rather than a drop in overall mobile money activity.
M-Pesa now handles more than 136 million transactions daily for 40.66 million customers. The platform processed KES 41.68 trillion (USD 321.9 billion, GBP 248.9 billion) in the year to March 2026, an amount equal to roughly 2.4 times Kenya’s nominal gross domestic product of KES 17.577 trillion (USD 135.8 billion, GBP 105 billion). Lipa na M-Pesa merchant payment revenues rose 21.7 percent to KES 9.3 billion (USD 71.8 million, GBP 55.5 million), while Pochi la Biashara revenue grew 86 percent to KES 4 billion (USD 30.9 million, GBP 23.9 million) over the same period.
The decline in per agent earnings is pushing operators to seek additional income through rival services. Many agents now run M-Pesa alongside Airtel Money and offer agency banking for multiple lenders including KCB Bank Kenya, Equity Bank Kenya and Co-operative Bank of Kenya from a single outlet. Offering financial services for several firms under one roof helps agents tap into extra transaction flows and commissions, making their operations more sustainable.
Central Bank of Kenya data shows banks and microfinance banks had contracted 89,167 and 539 bank agents respectively by the end of 2024. More than 90 percent of approved bank agents were concentrated in three institutions: Equity Bank Kenya with 37,704, KCB Bank Kenya with 23,336 and Cooperative Bank of Kenya with 18,207.
Airtime sales, traditionally a supplementary income stream for agents, have also come under pressure. Safaricom airtime commissions stood at about KES 9.41 billion (USD 72.7 million, GBP 56.2 million) in 2026, a modest recovery from a record low of KES 8.1 billion (USD 62.6 million, GBP 48.4 million) in 2025. Airtime earnings peaked at KES 11.42 billion (USD 88.2 million, GBP 68.2 million) in 2018 before falling below KES 10 billion (USD 77.2 million, GBP 59.7 million) in 2020. The drop has coincided with reduced talk time and falling calling tariffs, as well as rising use of internet based messaging and calling applications such as WhatsApp. Customers are also buying airtime directly through M-Pesa and other digital channels, cutting reliance on physical scratch cards that agents used to sell.
Average annual earnings per M-Pesa agent peaked in 2016 at KES 145,768 (USD 1,126, GBP 870) when Safaricom paid out KES 14.68 billion (USD 113.4 million, GBP 87.7 million) to 100,744 agents. Earnings have been on a general decline since then. The latest monthly average of about KES 9,353 (USD 72, GBP 56) is barely enough to cover basic costs such as rent and wages for agents who employ attendants.
Safaricom has transformed from a voice and messaging business into a technology firm drawing most of its revenue from mobile money and data. In the year ended March 2026, M-Pesa generated KES 182.74 billion (USD 1.41 billion, GBP 1.09 billion), followed by mobile data revenue at KES 92.91 billion (USD 717.6 million, GBP 555 million). Voice revenue came third at KES 84.82 billion (USD 655.1 million, GBP 506.6 million) while messaging returned KES 11.17 billion (USD 86.3 million, GBP 66.7 million).