Despite Kenya’s strong reputation for financial innovation, especially with mobile‑money platforms such as M‑Pesa, significant gaps in financial inclusion remain—particularly in certain counties where bank accounts, formal financial services, and mobile ownership are far less common.
According to the 2024 FinAccess Household Survey by KNBS, FSD Kenya and CBK, approximately 9.9 % of Kenyan adults remain financially excluded—i.e. they do not use any formal or informal financial service. Among counties, Turkana, West Pokot, Elgeyo Markwet, Trans‑Nzoia, Migori and Narok emerge as the worst off in terms of formal financial access.
One major barrier in these areas is lack of mobile phones—essential for mobile money and mobile banking. In 2023/24 data, Turkana and West Pokot both reported mobile phone ownership rates well under 30 %, far below the national average. This low mobile ownership sharply reduces the ability of residents to access services like mobile money, mobile banking, or even payment and identity verification systems that rely on phones. Identity documentation is also a barrier in many of these counties.
Additionally, counties with high financial exclusion often share other traits: remoteness, low literacy levels, poorer infrastructure (both digital and physical), and lower incomes. These make traditional banking difficult to access, and mobile agent or banking agent networks are often thin.
Nationally, formal financial access has risen modestly—from 83.7 % in 2021 to 84.8 % in 2024—but the pace among marginalised counties has lagged. Bridging this gap will likely require focused interventions: expanding mobile and internet infrastructure, improving identity issuance, strengthening financial literacy, and designing services adapted to the constraints of these counties.
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