Financial inclusion at record high in Kenya, Central Bank survey reveals

On Tuesday 3rd December, the Central Bank of Kenya (CBK) published the findings from its 2024 FinAccess household survey.

The FinAccess surveys, conducted every two to three years by CBK in collaboration with the Kenya National Bureau of Statistics and Financial Sector Deepening Trust Kenya, provide valuable information on the country’s financial inclusion journey and its dynamics.

The 2024 survey reveals a record-high financial inclusion rate of 84.8% of adults (84.1% of women, 85.7% of men). 52.6% of Kenyans now use mobile money daily, a jump from 23.6% in 2021, and credit uptake remains strong, with a steep rise in ‘hustler fund’ and ‘buy-now-pay-later’ credit.

45.6% of the financially excluded are rural youth (aged 18-25), with the lack of phone or ID cited as main barriers.

The survey reveals that only 18.3% of Kenyans are classed as financially healthy. Kenyans are better able to manage day-to-day and cope with shocks, but find it harder to invest in the future.

You can access the survey’s main findings here, and watch a short video presentation below.