FinAccess

Annual Report, FSD Kenya 2020

Kenya has received world-wide recognition as leader in financial innovation. This is a laudable achievement because finance holds the potential to unlock solutions to the real-world problems that Kenyans face in their daily lives.

Below, we’ll discuss the power of frameworks in shaping research and providing insights for financial inclusion policy and investment.

On Thursday 3rd September 2020, the Central Bank of Kenya (CBK), the Kenya Bureau of Statistics (KNBS) and the Financial Sector Deepening Trust (FSD Kenya) hosted a “FinAccess Datafest” webinar, live-streamed to a global audience on YouTube.

As COVID-19 continues to ravage economies across the world, a key point of emerging macroeconomic focus is its variated impact at sectoral level.

The economic fallout engendered by COVID-19 has already been dire with many going without food and/or accruing different types of debt to stay afloat.

Managing your money broadly means deciding how much to set aside for the future and how much to keep handy for short term uses.

The COVID-19 crisis is creating great uncertainty about what the future holds for the economy and well-being of all.

A big question amidst the current COVID-19 has been, how are community-based finance models fairing?

The recent months have been quite surreal for many across the globe.

The inability of low-income households to access quality healthcare is a major challenge in dealing with unanticipated shocks. The challenge is bigger for rural households. Small rural pharmacies stock almost entirely generic medicines because these are the products that patients can afford. 

This segmentation study identifies Kenyans whose financial needs are not adequately met by the solutions available in the financial market, as well as the untapped opportunities they offer to financial service providers. The study was conducted by FSD Kenya and the Consultative Group to Assist the Poor (CGAP), using data from FinAccess 2019.

Starting with microcredit in the late 1980s, there has been a growing movement of multilateral institutions, private foundations, non-profits, corporations and governments that aims to provide formal financial services to low-income market segments around the world.

Kenya has been feted around the world for its achievements in advancing financial inclusion. And the speed at which access to the formal financial system has advanced has certainly been exceptional. The development of a near ubiquitous mobile phone-based payments system provided the foundations for a further round of fintech innovation.

Since the launch of M-Shwari in 2012, the number of digital lenders and loans disbursed has grown substantially. Advances in credit scoring, few regulatory barriers and the widespread use of mobile phones and mobile money have enabled growth of the digital lending industry, giving borrowers a quick and convenient option for credit.

On the 5th of September 2019, the Financial Sector Deepening (FSD) Kenya and the Consultative Group to Assist the Poor (CGAP), held a stakeholder validation workshop in Nairobi, where they presented the findings of a research study that identified seven key financially underserved segments of the Kenyan population and discussed the potentially viable business cases and policy implications that financial market players could tap into.

Financial Sector Deepening (FSD) Kenya is pleased to announce that Anzetse Were has joined the team as Economist, effective September 2019.

In April 2019, the 2019 FinAccess Household Survey revealed that Kenya had made extraordinary strides in financial inclusion. While FinAccess 2019 shows that financial inclusion has peaked at 83% among Kenyans, its findings also evoke poignant questions.

Kenya aims to become a middle-income country by 2030, delivering a high quality of life to all. Finance plays a central role in our economy, facilitating trade and underpinning the efficient pooling and allocation of resources and risk.

FSD Kenya’s work is increasingly focused on trying to help harness the on-going disruption of the sector in a way which will create real value for people.

Education is the top priority for Kenyans according to FinAccess Household Survey 2019. Poor households particularly attach high value to educating their children.

FinAccess 2019 was launched last week by the Governor of the Central Bank of Kenya.  The results from this national household survey provide a comprehensive and authoritative picture of the retail financial services sector in Kenya.

This Financial Access (dubbed FinAccess) Household Survey 2019 is the fifth in a series of surveys that measure and track developments and dynamics in the financial inclusion landscape in Kenya from the demand–side.

The Central Bank of Kenya in collaboration with the Kenya National Bureau of Statistics and Financial Sector Deepening (FSD) have launched the Financial Access (FinAccess) Household Survey 2019 on 3rd April 2019.

The 2019 FinAccess household survey is the fifth in a series of surveys that measure drivers and usage of financial services in Kenya. The 2019 report was officially launched on April 3rd 2019.

This Financial Access (dubbed FinAccess) Household Survey 2019 is the fifth in a series of surveys that measure and track developments and dynamics in the financial inclusion landscape in Kenya from the demand–side.

The 2016 FinAccess household survey has been cited in a recently published academic journal. Access and view the journal article via the link below.

FinAccess is a series of household surveys that measure the access, usage, quality and impact of financial services in Kenya.