REPORT | Mobile Banking Apps Are Nearly as Popular as Mobile Money Wallets Among Our Users, Says Kenya’s PesaLink

A recent survey conducted by Integrated Payment Services Limited (IPSL) highlights the growing prominence of mobile apps in Kenya’s instant payment ecosystem.

The study, shared with BitKE by IPSL, also reveals that a majority of Pesalink users leverage multiple banks for their transactions, with speed and convenience being the primary factors influencing their payment choices.


The IPSL survey offers valuable insights into the behavior of A2A payment users, providing financial institutions and industry stakeholders with critical data. Commissioned to examine the rapid growth of instant A2A payments, the study confirms that this payment method remains the fastest-growing in Kenya, with a 35% year-on-year increase in 2024.

Gituku Kirika, CEO of IPSL, commented on the findings:

“Companies relying on Kenyans carrying physical wallets or cash are facing an uphill battle. It is noteworthy that mobile banking apps are nearly as popular as mobile money wallets among Pesalink users. Additionally, traditional rewards and loyalty programs appear to be of lesser importance to users in the payment industry.”

According to the survey, 41.54% of Pesalink users prefer banking apps for regular payments, compared to 50.15% who favor mobile money. Despite the dominance of mobile money in transaction volumes, this trend presents a significant opportunity for banks to expand their A2A payment services.

Most Regularly Used Payment Methods (IPSL U&A Survey 2024):

• Cash – 2.77%
• Debit/Credit Card – 5.54%
• Mobile Banking – 41.54%
• Mobile Money – 50.15%

Speed and convenience emerged as the most important factors for consumers when selecting an instant payment method. Fees, security, and privacy ranked equally as secondary considerations, while rewards and loyalty programs were found to be lower-priority incentives.

The study also reveals that 57% of Pesalink users rely on more than one bank for their instant payments. This underscores the increasing trend of multi-banking in Kenya compared to other markets.


Kirika elaborated on this trend, stating:

“We have long recognized that Kenyans are more multi-banked than consumers in many other markets.

However, we were surprised to see such a significant portion of users utilizing multiple banks for daily payments. The challenge for banks lies in ensuring their services remain fast and convenient enough to retain customers.

There is a substantial opportunity to invest in interoperable and standardized cross-bank services running on the Pesalink network.”

To address these evolving consumer needs, the Central Bank of Kenya (CBK) is advocating for a Fast Payments System (FPS) aimed at improving interoperability. This initiative seeks to eliminate costly bilateral arrangements between financial institutions while enhancing transaction speed and reducing costs for consumers.


About Pesalink


Pesalink is Kenya’s instant, open, and interoperable payment network, enabling seamless transfers of up to Ksh. 999,999 across multiple financial platforms, including bank accounts, mobile money, SACCOs, and fintech wallets. Transactions can be completed through online banking, mobile apps, or USSD.

Operated by Integrated Payment Services Limited (IPSL) and owned by the Kenya Bankers Association, Pesalink was established in 2015 under the National Payment System Act, reinforcing its role as a key enabler of Kenya’s digital payment transformation.