This archive report was first published on 30 July 2019.
Published on July 30, 2019, Kenya is one of the most financially inclusive countries in Africa, boasting seamless platforms for money transfer and credit access.
These platforms have been built upon digitization and the widespread access to mobile devices across the population. Furthermore, policies such as monetary regulation and interoperability have furthered the country's financial journey, allowing access to credit and insurance among other critical financial products.
The Financial Sector Deepening (FSD) plays a crucial role in bridging the gap between market development and poverty reduction in Kenya. By promoting financial solutions that address real-world problems, FSD helps to address some of the critical hitches that bar low-income citizens from benefiting from financial services.
According to the FSD, the cost is the main barrier to the uptake of financial services like insurance. Private sector players shed light on how the finance sector needs to change to meet the people's needs, owing to changes in the complexities of the sector.
Organizations like FSD contribute to market development by providing better information to stakeholders like regulators, industry players, and analysts who make decisions that shape the industry's future. Private institutions like Non-Governmental Organizations could take advantage of public-private partnerships to provide information and services that not only edify the population on different financial tools but also improve their financial health.
