The 2024 FinAccess Household Survey Report has revealed that financial inclusion in Kenya has seen a slight improvement.
Eighty-four per cent of the adult population now has access to financial services, up from 83.7 per cent in 2021.
Meanwhile, the report, released by the Central Bank of Kenya (CBK) in collaboration with the Kenya National Bureau of Statistics (KNBS) and Financial Sector Deepening Trust (FSD) Kenya notes that the adult population that reported being completely excluded from accessing financial services or products in the last 12 months has declined from 11.6% in 2021 to 9.9% in 2024.
Furthermore, the report highlights the increasing adoption of technology and innovations, the use of a portfolio of products and services, government policies, and private sector strategies as contributing factors to the deepening of financial services and products.
Mobile money remains the equalizer in access to financial services across various demographics. The survey also notes that access to informal-only financial services increased to 5.2% in 2024 from 4.7% in 2021.
Additionally, the report provides a comprehensive analysis of the financial inclusion landscape in Kenya, including emerging issues such as sustainable finance, financial health, Micro and Small Enterprises (MSEs), agriculture, and Persons with Disabilities (PWDs).
In particular, the report highlights that the financial inclusion landscape was impacted by the various reforms instituted in the last three years, particularly the regulatory environment governing digital credit providers. Specifically, the report notes that financial access improved from 83.7% in 2021 to 84.8% in 2024.
Moreover, the survey also notes that the adult population that reported being completely excluded from accessing any form of financial services or products in the last 12 months has declined from 11.6% in 2021 to 9.9% in 2024.
Overall, the report provides valuable insights for policymakers, private sector players, investors, researchers, and academicians to inform evidence-based decision-making and policy formulation.
