Kenya’s financial inclusion efforts paying off
03 November 2015, 09:22
Nairobi - Seven out of 10 people in Kenya are now living within a three-kilometre radius of at least one financial service provider compared with six out of 10 people two years ago, a new survey shows.
According to the Fin Access Geo-spatial Mapping Survey 2015, the number of banking agents rose by the highest margin at 66 per cent, followed by mobile money agent (37.89 per cent), while ATMs increased by 24 per cent from 503 to 624 centres.
Garth Lawless, director FSPmaps, who conducted the survey said money transfer services increased from 2,484 in 2013 to 3,778 this year.
Lawless said the survey revealed that Kenyans living within three kilometres of a financial service point is now 73 per cent up from 59 per cent two years ago. The survey revealed that Nairobi, Mombasa, Nyeri, Homa Bay and Kiambu have achieved nearly 100 per cent access of at least one financial service within a three-kilometre radius.
He said despite the expansion in financial services, certain setbacks such as fraud and lack of cash. During the period under review, several counties, registered decline in available financial services.
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