A Quantum Leap Over High Hurdles to Financial Inclusion: The Mobile Banking Revolution in Kenya

Financial inclusion rates in Kenya are more than double those in other sub-Saharan countries. The transformation has been rapid: from 2006 to 2015 adults using formal financial services tripled, rising from 26.7 to 75.3%. The number of adults totally excluded from formal financial services dropped by more than half, falling from 41.3 to 17.4 percent.

This report shows how the mobile banking industry within Kenya has driven the country’s overall financial inclusion rates. In 2014, 58.4% of all adults had a mobile account and approximately 90 percent of all senders and recipients of domestic remittances used a mobile phone. The report aims to assist additional markets on the African continent in developing their own financial inclusion programs based on Kenya’s experience.