Alot of research has been done on the rise of m-banking service in Kenya and most notably by Olga in her PHD theses and others and they all have research on how thriving the service is majorly attributed to the adoption and acceptance of the service through ease of use e.t.c.It can be noted that any service like such require ICT in place.Through use of ICT innovation in the mobile industry has grown especially with use of mobile phone to offer financial services in Kenya. Even though Kenya as a country is still lagging behind in other areas with growth and expansion of ICT when it comes to the mobile industry this is different and it is seen as a major leap to offering banking services without necessarily going to the bank. Understanding how the m-banking service is thriving and growing is far from just mere adoption and ease of use, with my thesis i try to analyze the challenges and opportunities that exist for the mobile industry in Kenya. I tackle m-banking service in particular and as can be noted no service can be allowed to operate without rules and regulations and as such what makes this service thrive if not the ICT policies in place and what strategies and practices employed by the mobile operators have worked for them.The research presented here is an interpretative study of the 4 mobile operators in Kenya.To maintain the subscribers the operators have to be innovative enough to create value added services in line with the regulations in place.