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From access to integration - A landscape assessment of refugee financial inclusion in Kenya
March 31st, 2026
Kenya hosts approximately 836,000 registered refugees and asylum seekers, yet fewer than 10% hold a formal bank account, despite the country achieving nearly 85% national financial inclusion.
The barriers are not legal, because Kenya’s policy framework broadly supports refugee economic participation. The gap lies in how that framework is applied in practice.
This publication assesses the current state of refugee financial inclusion in Kenya, examining the full ecosystem from mobile money and informal savings groups to banks, fintechs, and humanitarian cash programmes. It identifies the regulatory, market, and demand-side barriers that prevent refugees from accessing formal financial services, and maps the opportunities available to address them.
Drawing on desk research, key informant interviews, and a Kenya Bankers Association member survey, the report finds that mobile money is the dominant entry point for refugee financial life, but structured pathways into savings, credit, and insurance remain largely absent. Formal credit is the most significant gap: structured lending pilots have consistently demonstrated strong repayment performance, yet institutional risk perceptions continue to limit supply.
The report concludes that advancing refugee financial inclusion does not require new legislation. It requires clearer supervisory guidance, stronger interoperability between refugee and national identity systems, and a shift by mainstream financial institutions toward treating refugees as a standard customer segment rather than an exceptional case.
Recommendations are addressed to regulators, financial service providers, investors, and development partners, including FSD Kenya’s own role as convener and market facilitator.
Read the 
From access to integration – A landscape assessment of refugee financial inclusion in Kenya publication.
