Kenya’s payments industry is on a remarkable growth trajectory, with revenues projected to rise from $0.5 billion in 2024 to $0.8 billion by 2029, according to the latest Boston Consulting Group (BCG) Global Payments Report 2025. This represents a compound annual growth rate (CAGR) of 8 percent, positioning Kenya among the fastest-growing payments markets in Africa and underlining its continued leadership in digital finance. The report highlights that transaction revenues will remain at the core of this growth, expanding at the same 8 percent pace through 2029.
Central to this momentum is the widespread adoption of mobile money platforms like M-Pesa, which have transformed how people and businesses manage payments and transactions. Alongside this, the rollout of real-time account-to-account (A2A) payment systems is redefining speed, accessibility, and reliability in financial services. These innovations are not only advancing Kenya’s digital economy but also cementing its role as a continental leader in payment innovation.
The growth story is not confined to Kenya alone. Across Africa, payments revenues are projected to double from $9 billion in 2024 to $19 billion by 2029, growing at an annual rate of 10 percent. This pace far outstrips other global regions such as Europe, North America, and Asia-Pacific, where growth remains at a modest 3–4 percent. The driving forces behind this acceleration include fintech disruption, mobile-first innovation, and a significant shift from cash-based transactions to digital alternatives.
The BCG report further outlines five transformative shifts shaping the global payments industry: agentic AI, digital currencies, fintech disruption, real-time A2A systems, and cost transformation. Each of these is expected to redefine the payments landscape in Kenya and across Africa. Notably, stablecoins processed $26 trillion in volume in 2024, fintechs globally generated $176 billion in revenue with 23 percent annual growth, and real-time payments adoption surged by 40 percent. By 2030, the Middle East and Africa are projected to exceed 50 percent adoption of real-time payment systems.
According to BCG Nairobi Managing Director and Partner, Takeshi Oikawa, Kenya’s projected payments growth is anchored in strong transaction volumes and the ubiquity of mobile money and real-time payment solutions. He emphasizes that this momentum is not only accelerating financial inclusion but also creating new opportunities for both consumers and businesses. Kenya’s experience illustrates how mobile innovation and fintech can drive sustainable economic transformation and inclusive growth.
As the global payments industry begins to moderate to slower annual growth rates of around 4 percent—compared to 8.8 percent in the past five years—Kenya and Africa stand out as global bright spots. With fintech innovation, mobile platforms, and real-time payments powering entire economies, the continent continues to demonstrate its potential to lead in shaping the future of global payments.
