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.
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.
This report is the second in a series of studies that measure the cost of banking services in Kenya. It follows the first report that was released in 2017 and constitutes a complementary element in the measurement of the financial inclusion landscape in Kenya.
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.
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.
Manufacturers of cars or microwave machines are duty bound to ensure that their products are safe for use. Why can’t financial regulation introduce a similar obligation to ensure financial products and services are not negligently developed and sold, causing harm to consumers?
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.
The financial services for the poor, or more specifically financial inclusion, industry has realised in the recent past that more and better information about its target client-base is essential to delivering services effectively.
This is the third blog in a series about Financial Service Associations (FSAs) and their potential for growth and customer value creation based on an FSD Kenya commissioned survey by BFA. Read the first blog here: Financial services associations: an imperfect solution and the second blog here: FSA asset financing: when paying more yields more.
This is the second blog in a series about Financial Service Associations (FSAs) and their potential for growth and customer value creation based on an FSD Kenya commissioned survey by BFA. The survey took place in 2017 in Bamba, Kakeani and Mukuyuni and involved in-depth interviews with over 60 respondents including customers, their non-member neighbours and FSA staff.