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Bankers body advocates for financial inclusion

23 January 2014, 10:41

Nairobi - Kenya Bankers Association Chief Executive Officer, Habel Olaka, said enhancing the existing agency network would ensure increased financial inclusion in the country.

“If banks could leverage the existing mobile agency network, which is already very strong, among the mobile network operators, banking could be enhanced,” said. Olaka.

He said that 25 percent of Kenya’s population had been excluded from formal baking services and agency banking would be one of the solutions that would bring down the figure to an “acceptable minimal.”

All the three major mobile network operators –Airtel, Orange and Safaricom, offer mobile money transfers with agents across the country.

The advent of mobile money transfers and mobile banking has increased financial inclusion in Kenya.

There has been a tremendous growth in mobile banking. It is estimated that the current mobile banking users in Kenya stands at 17 million.

These transfer KES 2 billion every day.

Nonetheless, with the ease and convenience many people surveyed however fear that most of the services should not be given to third parties.

Kenya’s policy of financial inclusion-making financial services more accessible to the general population-has in the past been touted as one of the schemes that would curb poverty in the country.

– CAJ News


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