Kenya

In 2011, only 42% of Kenya’s adult population had an account at a formal financial institution. For adults at the bottom 40% of the income level, the figure is much lower at 19%. The Central Bank of Kenya (CBK) committed to the Maya Declaration in 2011 with specific commitments regarding promoting evidence-based financial inclusion policy, extending accessible and affordable credit by expanding the credit information sharing mechanism, strengthening agent banking through increased financial access touch points, and improving consumer protection through enhanced transparency in disclosure of charges and lending rates. The 2012 FinAccess Survey was completed and the results were available to the public in the second half of 2013. To expand credit information sharing, the joint task force between CBK and the Kenya Bankers Association (KBA) launched a pilot run for full file credit information in April 2013. To increase financial services touch points, the revised agent guidelines for commercial banks were issued in January 2013. For strengthened consumer protection, the prudential guidelines on consumer protection were established on January 2013.

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Source: The 2013 Maya Declaration Progress Report