The Kenyan economy is slowing down, and the proof is in the phones. Central Bank data reveals that cash transfers via mobile money agents dropped by a massive Sh430 billion in 2025, signaling a liquidity crisis in the informal sector.

Agents attribute the drop to the reduced purchasing power of Kenyans and the interoperability of paybills, which allows direct bank-to-till payments without withdrawing cash. "People don't have money to withdraw," said an M-Pesa agent in Nairobi. "And when they do, they pay digitally. The era of cash is dying, but our commissions are dying with it."