July 17th, 2024

FSD Kenya is thrilled to announce the kick off of the 7^th National FinAccess survey together with long-time partners the Central Bank of Kenya (CBK) and Kenya National Bureau of Statistics (KNBS). The survey is also in partnership with financial sector regulators – Capital Markets Authority (CMA); Insurance Regulations Authority (IRA); Sacco Societies Regulatory Authority (SASRA); Retirement Benefits Authority (RBA); and Kenya Deposit Insurance Corporation (KDIC). Other supporters include UN Women, Equity Bank, Kenya Mortgage Refinance Company (KMRC), Department of Economics, University of Exeter – UK, Alliance for Financial Inclusion (AFI), The International Fund for Agricultural Development (IFAD) and Safaricom plc.

From July 1st to July 8th 2024, together with our partners, we successfully completed the training of 60 KNBS field enumerators. The training was opened by Dr MacDonald Obudho, Director General,  KNBS,  Prof Robert Mudida, Director of Research at CBK, and Tamara Cook, FSD Kenya’s CEO. Dr Obudho stressed the importance of accurate and timely data collection, motivating the team to be dedicated and committed to the assignment. Tamara highlighted key findings from previous surveys and ongoing challenges in financial inclusion, emphasising that the survey provides households an opportunity to “speak truth to power” by providing actionable insights to policymakers and private sector leaders. Prof Mudida underscored the collaborative nature of the survey and its importance for policymaking and innovation in the financial sector.

The training covered the evolution of the FinAccess survey since 2006, its growing scope, and its impact on various policies and industry endeavours. Participants were briefed on various aspects of the financial landscape, including formal and informal finance, gender gaps, and urban-rural disparities. The event underscored the critical role of field personnel in gathering data that informs national financial policies, support inclusive economic development and used by researchers globally.

The comprehensive week-long training ensured that research assistants thoroughly understood the survey instrument in preparation for the three – month data collection exercise across all counties. Should your house be one of the ones randomly sampled by KNBS, please do accord the researchers all the co-operation and support!

See the list of topics to be covered in the survey below.

SECTION 0:	GENERAL INFORMATION
SECTION A:	HOUSEHOLD AND RESPONDENT INFORMATION
SECTION B1	FINANCIAL HEALTH
SECTION B2	AWARENESS OF FINANCIAL INSTITUTIONS
SECTION B3	LIVELIHOOD SOURCES & CONSUMPTION
SECTION C:	FINANCIAL PRODUCTS/ SERVICES USAGE
SECTION D1	RETIREMENT BENEFITS/PENSION
SECTION D:	INSURANCE
SECTION E:	CREDIT
SECTION E1	CREDIT DEVICES USAGE LOOP
SECTION E2	OVERALL LOAN/CREDIT PRODUCT MAINTENANCE
SECTION E3	ACTING AS GUARANTOR
SECTION F:	SAVING AND INVESTMENT
SECTION F1	SAVINGS DEVICES USAGE LOOP
SECTION F2	SECURITIES’ INVESTMENT
SECTION G:	TRANSACTIONS USAGE
SECTION H:	BANKING USAGE
SECTION I:	CREDIT ONLY MICROFINANCE INSTITUTIONS USAGE
SECTION J:	SACCO USAGE
SECTION K:	MOBILE MONEY/MOBILE TRANSFER SERVICES US-AGE
SECTION L:	CLIMATE FINANCING
SECTION M:	MOBILE BANKING USAGE
SECTION N:	CHAMA / GROUP USAGE
SECTION O:	FINANCIAL ASSISTANCE
SECTION P:	BUSINESS / INCOME VENTURES
SECTION Q:	AGRICULTURE
SECTION R1	MANAGING MONEY AND LIQUIDITY NEED LEVEL
SECTION R2	RESILIENCE – RETROSPECTIVE USE CASE
SECTION R3	MEETING GOALS
SECTION S:	TECHNOLOGY
SECTION T:	ACCESS TO AMENITIES
SECTION U:	DEMOGRAPHICS, HOUSING CONDITIONS ETC.
SECTION V:	GPS READINGS AND CONCLUSION

FSD Kenya deeply values FinAccess survey findings as they are central to our mission to base our work on evidence, addressing opportunities that support Kenyan households and livelihoods.

In 2006, 26.7% of Kenyans were formally financially included. By 2021, this rose to 83.7%, However, financial health declined from 39.4% in 2016 to 17.1% in 2021. What will 2024 bring? Will Kenya continue to grow, plateau or experience a decline? The survey findings are expected to be released in December 2024. Stay tuned for more updates.

 

TAGS

CATEGORIES