You’re ready to pay, your phone is charged, your mobile wallet loaded—only to hear, “Cash only.” Sound familiar? As Kenya races ahead with digital payments, many still find themselves stopped in their tracks by the enduring power of paper money.

It’s easy to think cash is disappearing. In 2024 alone, mobile money transactions in Kenya hit a record Kes 8.7 trillion, up nearly 10% from the previous year. Urban dwellers often joke they haven’t held a banknote in months. But beyond the convenience of tap-and-go, the story on the ground is different.

In places like Eastleigh, Gikomba, and Toi Market, cash is still king. These bustling hubs thrive on quick deals and high volumes—where cash is faster, more trusted, and sometimes the only option. Even shops that accept mobile payments often prefer hard currency to avoid transaction fees and delays.

“For me, cash works best,” says Jesse, a Gikomba trader. “I can deposit it anytime using a Cash Deposit Machine, even after midnight when the banks are closed.”

Cash isn’t just surviving—it’s growing. The Central Bank of Kenya reports that cash in circulation rose to Kes 333.8 billion in June 2024, a 5.6% increase from the previous year. That jump, driven by more withdrawals than deposits, shows Kenyans are leaning on physical money to dodge extra costs and better manage rising expenses.

To meet this demand, the Central Bank rolled out new, high-security banknotes in 2024—complete with modern designs and the signatures of Kenya’s top financial leaders. The move reinforced a simple message: cash is here to stay.

Banks are also adapting. Institutions like Equity Bank are rolling out more Cash Deposit Machines (CDMs), giving customers a secure way to manage money beyond traditional hours.

Even as Kenya’s digital economy continues to expand, the love for cash reflects more than nostalgia. For millions, it’s a tool of control, privacy, and trust. And in a country where both mobile money and marketplaces coexist, cash isn’t fading—it’s evolving.