The COVID-19 pandemic has laid bare the financial vulnerability of vast segments of the global population. At the onset of this crisis, dominant majorities in many countries were ill-prepared financially to weather a prolonged income shock. In 2018, for example, over two-thirds of adults in Kenya, Vietnam, Greece, Chile, Colombia and Bangladesh reported they would […]
Kenya has been feted around the world for its achievements in advancing financial inclusion. And the speed at which access to the formal financial system has advanced has certainly been exceptional. The development of a near ubiquitous mobile phone-based payments system provided the foundations for a further round of fintech innovation. Nairobi has become the […]
Starting with microcredit in the late 1980s, there has been a growing movement of multilateral institutions, private foundations, non-profits, corporations and governments that aims to provide formal financial services to low-income market segments around the world. This movement is largely motivated by the conviction that access to financial services reduces poverty. Over time, the focus […]
Since the launch of M-Shwari in 2012, the number of digital lenders and loans disbursed has grown substantially. Advances in credit scoring, few regulatory barriers and the widespread use of mobile phones and mobile money have enabled growth of the digital lending industry, giving borrowers a quick and convenient option for credit. However, industry practices […]
Digital credit has been instrumental in granting formal credit in ways that were not conceivable a decade ago. It has provided individuals with the tools to manage their day-to-day needs and working capital for small enterprises. Survey data reveals that over six million Kenyans have borrowed at least one digital loan. Beyond these daily use-cases, […]
The 2019 FinAccess household survey is the fifth in a series of surveys that measure drivers and usage of financial services in Kenya. The 2019 report was officially launched on April 3rd 2019. The four previous surveys of 2006, 2009, 2013 and 2016 have shown that Kenya has made significant progress in fostering financial inclusion, with the latest survey providing a […]
Whether it's government records, bank account data, or web browser activity, providing consumers with the ability to access and share their digital identity and records could increase competition and innovation by letting financial service providers better target and price products to consumers.
This interactive data visualization tool enables comparisons of financial service usage indicators over time for various sub-groups of Kenya’s population. The tool can also be accessed here: https://fsdkenya.shinyapps.io/fintrends/