In Kenya, consumers living on less than $2 a day have the option to switch from kerosene to cleaner solar power, made more affordable through financial innovations using mobile money. The nation leads the world in developing mobile money payment systems and in widespread usage, despite Kenya’s extreme poverty, ranking 187 in per-capita GDP. Of the country’s 47 million people, seven in 10 adults (69%) have financial accounts. In addition to mobile money, financial services are available through a diverse group of providers, including banks, nonbank financial institutions and informal financial groups. Nearly two-thirds of the country is rural, and three-quarters of adults earn at least part of their incomes from agriculture. Whether by enabling consumers to transfer money to relatives in small villages, pay school fees, buy health insurance, or even light their homes using solar power, financial inclusion is helping improve Kenyans’ lives.
Financial Inclusion
Mobile Money
Savings
True or false
Financial inclusion in Kenya is driven by mobile money.
Which demographic group is most likely to be aware of mobile money, but not use it?
Which demographic group is least likely to own a bank account?
Among the East African countries, which country’s population is the most prepared for digital financial services adoption?
What percentage of adults borrowed money in 2017?
True or false
Less than 50% of Kenyans are digitally included.