The use of mobile money services in Kenya has grown sharply in the last five years to overtake banks, according to the country's latest Fin Access National Survey, conducted this year.

The Kenyan website Standard Digital quotes the survey as saying that 11.5 million adult Kenyans currently use mobile financial services such as M-Pesa, compared with 5.4 million who use banks.

The use of mobile financial services has more than doubled to 62 percent of survey respondents in 2013, up from 28 percent in 2009, Standard Digital said. Kenyans' use of commercial banks has risen during the same period from 13.5 percent to 29.2 percent of respondents in 2013, while the use of micro-finance institutions has remained at 3.5 percent between 2009 and 2013.

According to the survey, Nairobi has the highest penetration of mobile money users at 84 percent of respondents, followed by the Central region with 75 percent. In all other regions, usage of mobile money exceeds 50 percent.

The survey was compiled by a number of Kenyan organizations, including the Central Bank, Financial Sector Deepening Kenya and Kenya's National Bureau of Statistics.

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