Mobile banking service, M-Shwari, allows users to save, earn interest and borrow loan over a short period of time using their mobile phones. The service has a potential to spur economic growth if consumers could understand the concept, its' benefits and adopts it. In our study, we investigated factors that influence the adoption of mobile banking services in Kenya. In particular we have shown empirically that the influence of the intervening demographic factors and the consumer perception may have differential impact in emerging market as compared to developed market situations. We extracted and grouped factors that were perceived by the clients as important in adoption of mobile banking. We then tested if the differences in perceptions on some of the factors extracted by exploratory factor analysis significantly differ between gender categories. The results indicated that there was no significant difference in the perception of ease of use and risk of use between genders in the decision to adopt mobile banking service in emerging market. The findings of our study will therefore provide the financial industry with a better understanding of the factors underlying consumer adoption of mobile banking services and help them formulate marketing and promotional strategies for mobile banking services.