Abstract

This study examines the evolution of mobile money adoption and its influence on financial inclusion in Kenya between 2015 and 2025. Using a mixed-methods design, the research analyzes national survey data from 8,200 households, transaction records from three major mobile network operators, and 32 key informant interviews involving bank managers, regulators, and fintech innovators. Descriptive and inferential analyses were used to identify adoption patterns, socioeconomic determinants, and usage disparities across gender, income, and rural–urban classifications. Results show that mobile money penetration exceeded 92% nationally, with rural adoption growing faster than urban due to expanding agent networks and reduced transaction costs. Regression analysis revealed that education level, smartphone ownership, and trust in service providers significantly predicted adoption (p < 0.05). Mobile money usage improved access to savings, microcredit, and insurance products for low-income groups, thereby strengthening household financial resilience. However, constraints such as transaction fees, digital fraud, and inconsistent network connectivity still hinder full financial inclusion. The study also found emerging integration between mobile money platforms and e-commerce, agriculture value-chains, and government cash transfer programs. Policy recommendations emphasize strengthening cybersecurity frameworks, expanding digital literacy programs, and promoting interoperability among financial service providers. Overall, the study concludes that mobile money remains a transformative force in Kenya’s financial landscape and continues to serve as a model for digital financial inclusion in Africa.