Nairobi, July 25 -- Average annual commissions earned by M-Pesa agents have dropped to a record low of Sh112,244 in the year ended March 2026 as increased competition squeezes returns, pushing them to seek additional income through rival services such as agency banking and Airtel Money.

The latest figure, which is equivalent to Sh9,353 per month, marked a drop from Sh124,720 in 2025 and Sh144,355 in 2024, with the estimates inferred from the number of agents and total commissions paid out by Safaricom.

Disclosures from the telco show that the number of M-Pesa agents climbed to 333,011 in the financial year ended March 2026, up from 298,890 in a similar period last year, nearly double the 173,000 outlets recorded in 2020.

The rapid rise...