Oct 31, 2013

Findings from the 2013 National Financial Access Survey

The FinAccess 2013 survey results shows that Kenya’s formal financial inclusion now stands at 66.7% in 2013, an increase from 41.3% in 2009. This rate of expansion in the reach of the financial sector places Kenya second only to South Africa in Africa.

More than double the number of adults use mobile phone financial services (11.5 million) compared to banks (5.4 million).

 Use of mobile phone financial services more than doubled from 28% to in 2009 to 62% in 2013.

Bank use has been rising over time from 13.5% in 2006 to 29.2% in 2013.

Use of MFIs has remained at 3.5% between 2009 and 2013.

Use of SACCOS has decreased since 2006, from13.5% in 2009 to 9.1% in 2013.

Use of informal groups has decreased from 39.1% in 2006 to 27.7 in 2013.

Women's use of the formal prudential institutions still lags behind that of men.

Exclusive use of informal financial services has declined for both men and women.

 Since 2006, the reduction in exclusion has been much slower in the rural population than the urban.