However, the rapid growth in the number of M-Pesa agents is creating a more competitive operating environment, reducing the average commission earned by individual outlets. As a result, many agents are diversifying their businesses by offering agency banking, additional mobile money services and other financial products to maintain sustainable earnings. According to Safaricom’s FY2026 Annual Report, the number of M-Pesa agents increased by 11.4% to 333,011 in the year ended March 2026 from 298,890 in March 2025. The changing nature of digital payments is also reshaping the business model of M-Pesa agents. Overall, Kenya’s expanding mobile money ecosystem continues to support strong growth in digital payments, but increasing competition among M-Pesa agents is placing pressure on individual commission earnings.