Common annual commissions earned by M-Pesa brokers have dropped to a document low of Sh112,244 within the 12 months ended March 2026 as elevated competitors squeezes returns, pushing them to hunt further earnings by means of rival companies comparable to company banking and Airtel Cash.
The newest determine, which is equal to Sh9,353 per thirty days, marked a drop from Sh124,720 in 2025 and Sh144,355 in 2024, with the estimates inferred from the variety of brokers and complete commissions paid out by Safaricom.
Disclosures from the telco present that the variety of M-Pesa brokers climbed to 333,011 within the monetary 12 months ended March 2026, up from 298,890 in an identical interval final 12 months, almost double the 173,000 retailers recorded in 2020.
The speedy rise within the variety of brokers has intensified competitors for transactions, shrinking the typical earnings per agent regardless of continued development in general cell cash utilization.
Safaricom says M-Pesa now facilitates over 136 million every day transactions for 40.66 million prospects, having processed Sh41.68 trillion within the 12 months to March 2026 or an equal to about 2.4 occasions of Kenya’s nominal Gross Home Product (GDP) of Sh17.577 trillion.
Over the previous three years to March 2026, Safaricom has welcomed 70,995 new brokers. Nonetheless, its spending on the brokers has dipped by Sh444.8 million to Sh37.38 billion within the 12 months ended March 2026, having peaked at Sh37.82 billion within the 12 months ended March 2024.
Safaricom information reveals M-Pesa commissions remained comparatively secure at about Sh37.38 billion within the 12 months below overview in comparison with Sh37.27 billion in 2025, highlighting that the decline in particular person earnings is basically a operate of the swelling agent base.
The development factors to a rising stress on the normal M-Pesa company mannequin, which has lengthy been a key earnings stream for hundreds of small companies throughout the nation.
Brokers, as soon as buoyed by robust margins from deposits, withdrawals and airtime gross sales, are more and more discovering these income streams inadequate to maintain operations.
The newest common earnings, which is about Sh9,353 a month, is barely sufficient to cowl primary prices comparable to lease and wages for individuals who make use of attendants.
Many M-Pesa operators are subsequently diversifying into different monetary companies to cushion their earnings because the rise of digital funds within the financial system cuts money sending and receiving footfall at agent’s retailers.
Many cell cash recipients who beforehand withdrew money earlier than transacting are actually paying for bills comparable to meals, college charges, lease and fare immediately by means of cell cash platforms.
As an illustration, Safaricom’s Lipa na M-Pesa revenues rose by 21.7 % to Sh9.3 billion within the 12 months ended March 2026, whereas Pochi la Biashara income grew by 86 % to Sh4 billion over the identical interval, boosted by elevated utilization.
Common annual earnings per M-Pesa agent peaked in 2016 at Sh145,768 when Safaricom paid out Sh14.68 billion to 100,744 brokers. The typical earnings have been usually declining since then.
Company banking, the place brokers provide companies on behalf of banks comparable to money deposits and withdrawals has emerged as a key various for brokers making an attempt to regular their earnings.
Lots of the cell cash brokers are actually opting to run M-Pesa enterprise alongside rival Airtel Cash and banking company companies for a number of banks comparable to KCB Financial institution Kenya, Fairness Financial institution Kenya and Co-operative Financial institution of Kenya below one roof.
Providing the monetary companies of a number of corporations below one roof helps them to faucet into further transaction flows and commissions, making their operations sustainable.
M-Pesa brokers’ squeeze on earnings can also be being compounded by declining revenues from airtime gross sales, which had been historically their supplementary earnings stream.
Safaricom disclosures present Airtime commissions stood at about Sh9.41 billion in 2026, marking modest restoration from a document low Sh8.1 billion in 2025.
The telco doesn’t disclose the variety of brokers who solely promote airtime. Nonetheless, many M-Pesa retailers additionally promote airtime, which means that the per agent fee for airtime has adopted the identical development as that of cell cash.
Earnings from airtime have usually been on decline, having peaked at Sh11.42 billion in 2018 earlier than dropping under Sh10 billion in 2020 and additional to the document low of 2025.
The decline in airtime earnings has coincided with diminished discuss time and falling calling tariffs as telcos lower costs to cushion the drop in voice utilization amongst Kenyans.
The Kenyan market has witnessed shifts in shopper behaviour together with the rising use of internet-based messaging and calling apps comparable to WhatsApp.
As well as, prospects are more and more buying airtime immediately by means of M-Pesa and different digital channels, decreasing reliance on bodily scratch playing cards that brokers used to promote. This has additional tightened margins in an already aggressive atmosphere.
The continued growth of the company community within the monetary sector, pushed by efforts to deepen monetary inclusion and develop entry factors, implies that competitors for transactions within the monetary sector will intensify additional.
Central Financial institution of Kenya information reveals banks and microfinance banks had contracted 89,167 and 539 financial institution brokers, respectively by the tip of 2024. Over 90 % of the accepted financial institution brokers had been concentrated in three banks specifically Fairness Financial institution Kenya (37,704), KCB Financial institution Kenya (23,336) and Cooperative Financial institution of Kenya (18,207).
Safaricom, as soon as depending on voice and messaging income, has remodeled itself right into a expertise agency drawing most of its income from cell cash companies and information.
Within the 12 months ended March 2026, M-Pesa was the highest income earner, producing Sh182.74 billion, adopted by cell information income (Sh92.91 billion). Voice income got here third (Sh84.82 million) whereas messaging returned Sh11.17 billion.
