Formal financial access among Kenyan adults has more than tripled since 2006, rising from 26.7% to 84.9% by 2024

  • Formal financial access in Kenya surged from 26.7% in 2006 to 84.9% in 2024, a threefold increase.
  • The share of financially excluded adults dropped drastically from 41.3% to 9.9% over the same period.
  • Informal access, through community-based and unregulated systems, has declined steadily as more people moved to formal systems.
  • Kenya achieved over 80% formal access by 2019, marking a turning point in its financial inclusion journey.

Kenya’s financial landscape has undergone a remarkable transformation in less than two decades. Formal financial access among adults has more than tripled, rising from 26.7% in 2006 to 84.9% in 2024. This shift underscores Kenya’s position as one of Africa’s leaders in financial inclusion, primarily driven by innovations in mobile banking and digital financial services.

Over time, the country has witnessed a steady decline in the number of financially excluded adults, from 41.3% in 2006 to just 9.9% in 2024. This progress reflects deliberate policy efforts, technological adoption, and the success of platforms like M-Pesa, which have helped bridge the gap between traditional banking and informal systems. By making financial services more accessible and secure, Kenya has demonstrated how innovation can drive inclusion even in developing economies.

Source:

2024 FinAccess Household Survey - Central Bank of Kenya

Period:

2006 - 2024
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