Kenya Targets 50% Cut in Mobile Money Fees Under New Financial Inclusion Strategy
The strategy sets an ambitious target: cutting the average cost per mobile transaction by more than 50%, from the current KES 23 to just KES 10 by 2028.
The Kenyan government, in partnership with the Central Bank of Kenya (CBK) , has unveiled a bold initiative to dramatically reduce the cost of mobile money transactions as part of the newly released Kenya National Financial Inclusion Strategy (NFIS) for 2025–2028.
The strategy sets an ambitious target: cutting the average cost per mobile transaction by more than 50%, from the current KES 23 to just KES 10 by 2028. Classified as a “High” priority under the NFIS, the reduction will be primarily driven through the enforcement of Person-to-Person (P2P) fee caps, a key measure under the strategic initiative to “Promote transparent pricing” for digital financial services (DFS).
The NFIS highlights that while financial access in Kenya is high, with 84.8% of adults having access to financial services, elevated transaction costs continue to limit the usage of these services. Reducing fees is expected to encourage greater interoperability among providers and increase the frequency of mobile money transactions nationwide.
Implementation of the fee reduction measures is planned between 2025 and 2027, with key stakeholders including the CBK, telecommunications companies, and Parliament tasked with ensuring delivery.
The overarching theme of the NFIS 2025–2028 is “Leveraging Digital Transformation and Financial Literacy to Enhance Financial Inclusion.” The planned fee cuts are a central element of this digital transformation, aimed at improving the financial wellbeing of individuals and businesses across Kenya through a multi-stakeholder, innovation-led approach.
