According to the Kenya Commercial Bank (KCB), more locals are embracing mobile banking transactions and this is being fueled by the wide adoption of mobile banking products.

During the release of annual financial report for 2015, KCB CEO Joshua Oigara said that mobile and agency banking is driving most of transaction volumes.

"What we are seeing now is really 70 percent of our transactions being driven in a different channel. (A) few years ago this was nascent. So if you talk about ten transactions what we have in there is mobile and agency banking taking most of the transactions [7 transactions]," Oigara reported.

He added that the country might witness a 90% mobile transaction rate in the financial sector starting this year.

The company said that 21.6 million transactions were done through the mobile channels in 2015 as opposed to 10.9 million in 2014. The bank agency products that enable customers to do banking through agents (similar to M-Pesa agents), registered 7.5 million transactions in 2015 compared to 3.2 million in 2014.

The KCB-Mpesa product, that allows account opening and banking directly through M-Pesa, has also registered 5 million accounts and a loan portfolio of Kshs 7 billion (US$70 million).

Kenya has over 88% mobile phone penetration and over 28 million mobile money accounts. The mobile money revolution has inspired most financial institutions to couple their services with mobile money transfers.

Most banks also allow customers to either deposit or withdraw funds using mobile money, a phenomenon backed by GSMA report titled The Mobile Economy, Sub-Saharan Africa 2015.

According to this report, many countries mobile money accounts have overtaken traditional bank accounts.

"Mobile money services have helped to bridge the gap in financial inclusion in the region. In Kenya, access to financial services more than doubled over seven years to reach two-thirds of the population in 2013, helped by mobile financial services," the report said.

"Mobile money has become a key complement to traditional banking in expanding access to financial services in a region where only a third of adults have formal bank accounts."