Money Matters: Citizens and financial inclusion in Kenya

Eight out of ten Kenyans (84%) are financially included in that they have a bank or mobile money account, an insurance product, or a loan from a formal institution. On the other hand, a full one in six Kenyans continue to be financially excluded. Financial inclusion varies significantly between groups, most markedly between the wealthiest and the poorest households, 96% versus 68%. 

Men (87%) are also more likely to have access to formal financial services than women (83%), urban dwellers (88%) than rural residents (82%) and young (18-24 years, 86%) than old (55+, 78%). 

These findings were released by Twaweza East Africa in a research brief titled Money Matters: Citizens and Financial Inclusion. The brief is based on data from Sauti za Wananchi, Africa’s first nationally representative high-frequency mobile phone survey. The findings are based on data collected from 1,739 respondents across Kenya between 23 September and 11 October 2016.

Despite the significant minority of citizens who still do not have access to financial services, use of these services has grown significantly in recent years.




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