2024 FinAccess Household Survey (Kenya) (International Journal of Finance and Accounting)

Summary

• Formal financial access in Kenya improved from 83.7% in 2021 to 84.8% in 2024.p.6
• Adults completely excluded from financial services declined from 11.6% in 2021 to 9.9% in 2024.p.6
• 52.6% of Kenyans now use mobile money daily, more than doubling from 23.6% in 2021.p.10
• Credit usage has risen to 64.0% while the population of savers declined to 68.1%.p.10
• 16.6% of borrowers completely defaulted on their loans, compared with 10.7% in 2021.p.10
• 18.3% of Kenyans are financially healthy, compared with 17.1% in 2021.p.11

Key insights

1. Rural youth form nearly half of the financially excluded group (45.5%).p.9
2. Key barriers to exclusion include lack of mobile phone (64.1%) and lack of Identity Card (51.5%).p.9
3. 28% of the population has borrowed from the Hustler Fund, which is more popular in urban, higher-income areas.p.10
4. 42.1% of the population is considered to have high financial literacy.p.10
5. 9.8% of mobile money users reported losing money.p.10
6. Financial inclusion for persons with disabilities averaged 77.9%, below the national average of 84.8%.p.11
7. 34% of the population reported some form of green investment, with solar equipment and tree planting key among these.p.11