M-PESA, the person-to-person mobile payment network taking Kenya by storm, continues to grow, as the network now counts more than eight million subscribers among its customers.

And these eight million people, citizens of U.K. and Kenya, are transferring $300 million each month to one another with the help of 14,000 cash-in/cash-out locations.

Half of these transactions are reportedly valued at less than $10, more evidence that micropayments continue to represent what could become a very attractive market for network operators and their partners.

Another interesting development is that Kenyans are using their phones not only for immediate transfers, but to store their money, as well. While the average balance is only $3, the trend may be evidence of a growing comfort level with using a device as one’s own personal bank.

Thanks to Digital Money Forum for the stats and the great blog post. Great place for keeping up with this emerging network.