Financial inclusion has attracted enormous interest because of its promise to provide an instrument for economic and social empowerment. Initial thinking was that simply expanding the reach of the financial sector would produce financial tools to support greater economic and social inclusion. But the results thus far have been disappointing.
In countries as diverse as the United Kingdom, India, and Mexico, there is momentum to increase consumers’ ability to access, manage, and control their digital identity and history.
FSD Kenya has been working since 2005 to promote financial inclusion in Kenya. Kenya has made huge strides during this time with over 75% of the population having access to a formal account.
Up until now studies concerning mobile money and financial inclusion have focused largely on aggregate adoption rates and usage trends. Few have shed light on the ways in which women, men and young adults (men and women ages 18-25), use mobile money differently.