Nairobi, Jan. 14 -- The value of cash handled by mobile money agents, including those linked to banks and telecommunications firms, fell by a record Sh430.3 billion in the first 11 months of last year, signalling a shift in payment channels, heightened tax scrutiny and a tighter liquidity environment.

Data from the Central Bank of Kenya (CBK) shows that cash handled by the agents fell to Sh7.514 trillion between January and November last year, down from Sh7.944 trillion in the same period in 2024.

"This might be as a result of a range of factors," said an official who heads a digital payments department in a local bank, who spoke on condition of anonymity.

"We are seeing tighter liquidity and a relatively high interest rate environment...