Kenya uses the Kenyan Shilling, abbreviated KES or KSh, divided into 100 cents. The Central Bank of Kenya issues banknotes in denominations of 50, 100, 200, 500, and 1,000 shillings. Coins circulate in values of 1, 5, 10, 20, and 40 shillings, though denominations below 5 shillings rarely appear in practical transactions. The 40-shilling coin was introduced in 2003 to commemorate 40 years of independence. New-generation currency notes entered circulation in 2019 following a constitutional requirement that no individual's portrait appear on currency, replacing previous notes that featured founding president Jomo Kenyatta. The revised notes display images of the Kenyatta International Conference Centre and wildlife instead.
Exchange rates against the US dollar have fluctuated between approximately 100 and 160 shillings per dollar over the past decade, with the current rate hovering near 130-150 shillings per dollar as of 2024. The shilling trades freely on foreign exchange markets, though the Central Bank of Kenya intervenes occasionally to smooth volatility. Official exchange bureaus operate in Nairobi, Mombasa, Kisumu, and other major towns, typically offering rates within 2-3% of interbank rates. Jomo Kenyatta International Airport in Nairobi hosts multiple currency exchange counters that remain open during international flight arrivals, though rates at airport locations typically run 5-8% less favorable than city center bureaus. Banks in Kenya include Kenya Commercial Bank, Equity Bank, Cooperative Bank, and Barclays Kenya (rebranded as Absa Bank Kenya in 2020), most of which maintain foreign exchange services during business hours.
ATMs designated with Visa or Mastercard symbols accept international cards at most locations in Nairobi, Mombasa, Nakuru, Eldoret, and Kisumu. Daily withdrawal limits typically range from 40,000 to 100,000 shillings depending on the bank and card type. Transaction fees combine a local bank charge of 200-300 shillings plus whatever foreign transaction fee your home bank imposes, typically 3-5% of the withdrawal amount. Equity Bank, Kenya Commercial Bank, and Barclays/Absa maintain the most extensive ATM networks, with machines located in shopping centers, fuel stations, and dedicated branches. Power outages and network failures disable ATMs periodically, particularly in smaller towns and during rainy seasons when infrastructure stress increases. Security considerations make daytime withdrawals at ATMs inside shopping malls or bank lobbies preferable to standalone outdoor machines after dark.
M-Pesa transformed Kenya's financial infrastructure beginning in 2007 when Safaricom launched the mobile money platform. As of 2023, over 32 million Kenyans maintain active M-Pesa accounts, representing approximately 65% of the population. The system enables users to deposit cash at agent locations, transfer money via mobile phone, pay bills, and withdraw funds at other agents. M-Pesa agents operate from dedicated shops, fuel stations, supermarkets, and pharmacies throughout Kenya, identifiable by green Safaricom branding. Transaction costs follow a graduated scale: sending 100 shillings costs 0 shillings within the same network, while sending 5,000 shillings costs approximately 30 shillings, and 20,000 shillings costs about 56 shillings. Withdrawal fees similarly scale with amount, ranging from 27 shillings for withdrawals under 2,500 shillings to 178 shillings for withdrawals of 40,000-70,000 shillings.
Foreign visitors can access M-Pesa by purchasing a Safaricom SIM card and registering with their passport at an official Safaricom shop. Registration requires biometric fingerprint scanning as mandated by Communications Authority of Kenya regulations implemented in 2015. The registration process takes 15-30 minutes when systems function normally, though verification delays sometimes extend this to several hours. Once registered, users receive a PIN and can deposit funds at any M-Pesa agent to begin transacting. Many hotels, restaurants, tour operators, and shops in tourist areas accept M-Pesa payments, displaying Till Numbers that customers use to send payment directly from their phones. This system often proves more practical than carrying large amounts of cash, particularly for transactions in the 1,000-10,000 shilling range.
Credit cards see acceptance primarily in upscale establishments within Nairobi and major tourist zones. Hotels rated three stars and above generally accept Visa and Mastercard, applying surcharges of 3-5% in many cases to offset processing fees. Shopping malls including Sarit Centre, The Junction, and Village Market in Nairobi process card payments reliably, as do larger supermarket chains like Carrefour and Naivas. Outside major urban centers, card acceptance drops substantially. In Lamu Old Town, most guesthouses and restaurants operate cash-only, as do the majority of shops and services. Beach resort areas near Mombasa and Diani Beach show higher card acceptance rates, though small beach bars and local tour operators typically require cash. American Express cards function at select five-star hotels and international chain establishments but face rejection at most merchant locations. Chip-and-PIN technology is standard, with magnetic stripe fallback available though increasingly refused due to fraud concerns.
Bank operating hours run Monday through Friday from 0900 to 1500 for most institutions, with some branches extending service until 1600. Saturday hours of 0900 to 1200 apply at select urban branches. All banks close on Sundays and public holidays. Banking services beyond basic deposits and withdrawals often require significant waiting times, with queues of 30-60 minutes common at month-end when salary payments concentrate transactions. Foreign exchange services at banks require passport presentation and sometimes proof of legal entry into Kenya. Some banks limit foreign currency purchases to specific amounts without additional documentation demonstrating need.
Four primary mobile network operators serve Kenya: Safaricom, Airtel Kenya, Telkom Kenya, and Faiba. Safaricom dominates with approximately 65% market share as of 2023, operating the most extensive 4G network and reaching the most rural locations. Airtel Kenya holds roughly 25% market share, while Telkom Kenya and Faiba split the remainder. Network coverage in Nairobi, Mombasa, Kisumu, Nakuru, and Eldoret includes consistent 4G LTE service from multiple operators. Outside major urban centers, coverage becomes operator-dependent, with Safaricom maintaining the strongest presence in rural areas and along major highway corridors.
Purchasing a SIM card requires passport presentation and biometric registration at authorized dealer shops. Safaricom, Airtel, and Telkom operate branded retail shops in shopping centers and along main streets in cities and large towns. Unregistered SIM card sales became illegal in 2015 following Communications Authority directives aimed at reducing crime and fraud. The registration process captures fingerprints, copies passport data, and typically photographs the customer. Wait times vary from 10 minutes at quiet periods to over an hour during peak afternoon hours. SIM cards themselves cost 100-200 shillings and usually include a small airtime balance. Data-only SIM cards exist but remain less common than voice-plus-data options.
Data bundle pricing follows prepaid models in most cases. Safaricom offers daily bundles starting at 20 shillings for 50 megabytes, weekly bundles of 500 megabytes for 100 shillings, and monthly bundles reaching 15 gigabytes for approximately 2,500 shillings. Airtel Kenya typically prices 5-10% below Safaricom for equivalent data volumes. Telkom Kenya occasionally runs promotional rates significantly below competitors but maintains less consistent coverage. Data speeds on 4G networks in Nairobi and Mombasa regularly achieve 10-25 megabits per second download speeds during off-peak hours, dropping to 2-8 megabits during evening peaks when network congestion increases. Video streaming at 480p resolution functions adequately on most 4G connections, while 1080p streaming often buffers.