Financial services access hits 67% on mobile payments

Thursday, September 26, 2013

Two thirds of Kenyans are now able to access formal financial services indicating increased deposit mobilisation in the country following success in mobile payment services and increased penetration by commercial banks.

FinAccess, a Central Bank of Kenya-linked survey, shows last year 35 per cent of Kenyans were included in the banking segment while 32 per cent have access to other formal financial services.
These include the mobile money platforms, micro-finance institutions and saccos.

In 2009, less than half of the bankable population, 40.5 per cent, had access to formal services.

Source: Business Daily Africa (link opens in a new window)

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branchless banking, financial inclusion, financial products, mobile banking, mobile money