Mobile money came out on top as the main source of end-user revenue in a report released today that provides a snapshot a of mobile activity in Kenya, ITNewsAfrica reports.

MEF, a global community for mobile content and commerce, launched the African Growth Market Study on mobile content and commerce based on a survey conducted in association with KPMG and supported by Nation Media Group.

KPMG is considered one of world’s “Big Four” auditors, along with Deloitte, Ernst & Young  and PricewaterhouseCoopers. Its global headquarters is in the Netherlands.

Nation Media Group is a Kenyan media group listed on the Nairobi Stock Exchange.

Mobile money was the main source of end-user revenue at 53 percent, the report said, followed by social networks (37 percent) and mobile commerce (30 percent).

Survey respondents said mobile payments are considered by far the greatest opportunity for market growth at 87 percent, followed by mobile advertising and rising smartphone adoption. Respondents also said business confidence has declined with traditional downloadable content such as ringtones and perhaps surprisingly, games, ITNewsAfrica reports.

Whie opportunities in the mobile industry abound, business leaders said the main challenges lie with the operators, particularly related to high charges and network issues.

“This report provides an industry-wide snapshot on mobile activity and opportunities in Kenya today,” said Rimma Perelmuter, MEF CEO.

MEF launched a dedicated MEF Africa office in association with Vodacom in late 2012.

“Kenya is a market of great interest to our members and as the study clearly demonstrates a showcase for success, particularly in mobile money,” Perelmuter said.