August 29th, 2017

A study on transparency and cost of leading banking services sold in Kenya

Kenya has experienced tremendous improvements in access to financial services over the last few years. However, little is known about the trends in affordability of financial services, especially for low-income earners.

FSD Kenya’s two-year study on the affordability of financial services and transparency of bank pricing had three questions:

1. How much does it cost to run a bank account in Kenya?
2. How difficult is it to compare costs between banks?
3. What can be done to improve both cost and comparison?

To answer these questions, researchers posing as bank customers conducted two rounds of mystery shopping surveys in 2015 and 2016. They measured the cost of basic transactions (opening, running and closing bank accounts) and how easy it was to compare costs across banks.

Authors	Jack Odero, Edoardo Totolo and Francis Gwer
Report	The price of being banked: A study on transparency and cost of leading banking services sold in Kenya
Blog	Why price transparency in banking is good business How much does it cost to run bank accounts in Kenya?
News and press releases	Mystery shopping exercise reveals need to improve price transparency in banking sector Providing transparent pricing information could save bank customers up to KSh 10,000 a year Media Features: The Standard Newspaper The Star Newspaper CNBC Africa TV interview Daily Nation Business Daily
Join the conversation	#BankingTransparency

 

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