April 9th, 2026

The 2024 FinAccess sector reports offer a nuanced view of Kenya’s financial inclusion landscape, moving beyond access to examine usage, quality, and impact across six sectors: banking, SACCOs, pensions, insurance, deposit insurance, and capital markets.

Across all areas, the findings deliver a consistent message. Although access and participation have expanded, these gains have not translated into equitable, safe, or welfare-enhancing outcomes for many Kenyans. Persistent disparities, weakening financial health, and uneven consumer experiences highlight the need to shift from measuring inclusion by access alone to prioritising quality, resilience, and financial well-being.

The banking sub-sector report shows that access continues to grow, reaching 52.5% in 2024, up from 44.1% in 2021, supported by branch expansion and increased use of mobile banking. Despite the overall gender gap in formal access narrowing to less than 2 percentage points, women, rural residents and young adults are still markedly under represented among active bank users, and rural youth account for nearly half (46%) of all financially excluded adults. The report also highlights the role of mobile money (82.3% in 2024) in driving inclusion. Declining financial health, rising debt distress, and reduced trust underscore the need for stronger consumer protection, improved product suitability, and a banking sector more attuned to financial health.

The SACCO sector remains a critical driver of inclusion, with strong membership growth and high engagement in savings and credit (11.7% usage in 2024). SACCOs help households manage daily needs and long-term goals. However, affordability barriers for non-members and emerging digitalisation risks such as downtime and unethical practices point to the need for improved governance, regulation, and consumer-centric digital transformation. Read more in the SACCO sub-sector report here.

The pension sub-sector report shows that pension coverage has increased to 11.4% in 2024, largely due to policy reforms, including the NSSF Act (2023). Yet uptake remains low among informal workers, women, and rural populations. Limited awareness and product rigidity continue to constrain retirement savings.

Insurance access remains low, at 22.0% in 2024, down from 23.7% in 2021. Challenges with claims and limited understanding emphasise the need for affordable, inclusive products and stronger consumer education.

Deposit insurance continues to bolster confidence in regulated institutions, but public awareness remains limited. Similarly, participation in capital markets has grown modestly but remains concentrated among wealthier, urban individuals.

Taken together, the 2024 FinAccess sub-sector reports point to a clear direction for Kenya’s financial sector: progress in expanding access must now be matched by efforts to improve the quality, safety, and effectiveness of financial services. While banking, SACCOs, pensions, insurance, deposit insurance, and capital markets each show important gains, persistent inequalities and mixed consumer experiences highlight the limits of access-driven growth. Strengthening consumer protection, financial literacy, enhancing product suitability, and ensuring that services support resilience and financial well-being is critical.

FSD Kenya’s ongoing engagement with the Central Bank of Kenya on the implementation of the National Financial Inclusion Strategy (NFIS) provides an opportunity to embed these priorities into sector-wide reforms. By placing financial health, financial literacy, consumer outcomes, and quality at the centre of financial sector development, Kenya can ensure that its financial system not only reaches more people but also delivers meaningful, welfare-enhancing impact.

Click here to access the full financial sub-sector reports. 

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