2024 FinAcess Household Survey Report

Below are the key findings from the 2024 survey:
1. Financial Access: Formal financial access increased from 83.7 percent in 2021 to 84.8 percent in 2024, driven by digital technology, which nearly closed the gender gap in formal access.
2. Exclusion: 9.9 percent of Kenyan adults remain financially excluded, with rural youth forming nearly half of this group (45.5 percent). Key barriers to exclusion include lack of mobile phone (64.1 percent) and lack of Identity Card (51.5 percent).
3. County Comparison: Kiambu, Nairobi, Kirinyaga, Nyeri, Isiolo, and Mandera are the most included counties. On the flipside, Turkana, West Pokot, Elgeyo Marakwet, Trans-Nzoia, Migori, and Narok are the most excluded.
4. Providers: Uptake of brick-and-mortar bank accounts and SACCOs has notably increased but digital services recorded mixed results. Mobile money, mobile bank, and Fuliza moderated in growth ; while digital MFIs, including ‘buy now pay later’ (hire purchase) have recorded increased uptake following the regulation of DCPs.