This report is the outcome of an analytical review of markets and poverty in northern Kenya, commissioned by the Financial Sector Deepening Trust Kenya (FSDK). It is a preliminary scoping study intended to inform FSD’s proposed Financial Graduation Programme. The programme will target recipients of cash transfers under the Hunger Safety Net Programme (HSNP) which is implemented across Kenya’s four northern districts: Turkana, Marsabit, Mandera and Wajir. The research for this report was based on secondary sources, including academic and grey literature and interviews with experts. Contributions were also made in a workshop by practitioners in the fields of livelihoods strengthening, food security, market functioning and development in northern Kenya.