Publications
Published on August 30, 2017

The price of being banked

Download  
sme banking
Summary

This report outlines the findings from a two-year study by FSD Kenya to understand the costs for banking services in Kenya. Two rounds of mystery shopping surveys were completed in October and November of 2015 and 2016
to build a database and measure the costs for basic bundles of transactions such as opening, running and closing bank accounts.

While conducting the study, however, it became clear that bank pricing data is difficult to obtain and that market information is still opaque. Although banks are required by the Central Bank of Kenya (CBK) to publish “tariff guides” with all their fees and charges, we found that many were either outdated, incomplete or lacking account specific information. There are, however, exemplary banks with up-to-date and accessible tariff guides.

This report has three objectives:

1. To assess price transparency 
2. To develop affordability indicators that measure the cost of basic bank transactions such as opening and closing bank accounts, withdrawing and transferring money.
3. To identify actionable recommendations solutions as well as government policies aimed and affordability.

 

You might also like
_MG_5688

Kenya’s payment market: Identifying an enabling environment for Government to Person transfers through the banking sector

Getting-an-education-in-rural-kenya-image

Getting an education in rural Kenya: Findings based on the Kenya Financial Diaries

DSC01755

Growth oriented SME’s: Understanding their needs and risks

Screen Shot 2015-10-22 at 4.01.07 PM

Banking – SME codes of conduct

Screen Shot 2015-09-25 at 10.52.57 AM

2010 Annual report

jipange ku save

Using credit to grow savings: Results from a mobile pilot in Kenya