Kenyan consumers are abandoning traditional banking at a pace that is surprising even seasoned observers, according to the World Bank’s newly released Global Findex 2025 report. The survey of household finances finds that 49% of Kenyans aged 15–35 now rely exclusively on mobile money wallets, compared with 42% of older adults, underscoring the dominance of services such as M-Pesa in day-to-day transactions. The shift is even more pronounced in credit markets. Formal borrowing through banks continued to contract in 2024 as 32% of adults tapped mobile money providers for loans and 25% did so exclusively. All told, mobile wallets accounted for 86% of formal borrowing, the report says, with additional competition coming from 51 Central Bank-licensed digital lenders and the government’s Hustler Fund micro-loan scheme. Mobile platforms are also capturing payments that once flowed through cash or bank channels. Digital merchant payments jumped to 56% of adults in 2024 from 37% in 2021, while 71% of agricultural payments were made by phone. The report flags a gender gap—only 16% of women borrow through digital wallets—but says rapid adoption nonetheless poses a strategic challenge for commercial banks, which must redesign products to stay relevant to a mobile-first generation.