CENTRAL BANK OF KENYA
LAUNCH OF THE FINACCESS HOUSEHOLD SURVEY, 2016
KEY FINDINGS
Crowne Plaza Hotel, Upper Hill, Nairobi
Speech by
Sheila M'Mbijjewe
Deputy Governor of the Central Bank of Kenya
18th February 2016
As Prepared for Delivery
1. I am delighted and honoured to join you today at this launch of the Key Findings of
the 2016 FinAccess Household survey that also marks the 10th anniversary of the
FinAccess Surveys in Kenya.
2. Policy Goal: The creation of a vibrant, efficient, stable and globally competitive and
inclusive financial system to drive savings and investments necessary to achieve our
development agenda as outlined in Kenya’s Vision 2030 is crucial.
There cannot be meaningful financial sector development if finance is not accessible
and inclusive.
Financial inclusion in terms of Access, Usage, Quality and Welfare remains one of the
priority areas for the Government.
3. Financial Inclusion Landscape: I am pleased to be part of this financial inclusion agenda
of improving the measurement, understanding, tracking progress and its dynamics
overtime. This has been done mainly through undertaking FinAccess Suite of Surveys
since 2006.

4. Key Findings: The results we are releasing today reflect developments in the wider
economy, infrastructural facilities, technological innovations, financial sector
developments, policy and regulatory reforms as well as financial markets innovations.
I am delighted to announce that Kenya has made a lot of progress towards the Kenya Vision
2030 financial sector development agenda. In terms of financial inclusion, we have far
exceeded the Government target to increase the proportion of the population with access to
finance to over 70% by 2018 under the Second Medium Term Plan, 2013-2018.
The proportion of adult population using formal financial services rose to 75.3% in

Formally Included 2016 75.3%
proportion of the 2013 66.9%
adult population 2009 40.5%
2006 26.7%
The rural-urban formal financial access gap has narrowed since 2006.
2016 2006
Rural areas 69.0% 23.8%
Urban areas 86.3% 35.5%
Kenyans are increasingly using a combinations of a variety of financial services
providers and new innovations reflecting the importance of a diversified financial
system with 59.7% of the adult population using two or more types of financial services
providers compared with 18.8% in 2006.
5. There is need to foster appropriate and proportional regulation and supervision of the
different financial services providers to enhance access to a broader mix of providers and
products that meet the needs of different consumers. With this growing demand from
consumers for a diverse mix of products and innovations, the financial sector requires an
enabling environment to foster innovations to the changing financial market environment.
However, we need to take appropriate measures to address any emerging risks and mitigate
any potential impact to the financial system stability.
6. Uses: The survey data and findings can be used by various stakeholders’ to further enhance
financial inclusion and promote the sector’s development. I urge you all to design ways to
enhance dissemination to minimize administrative burden and ease access to allow majority
of Kenyans to use the information.
7. Despite the progress made in the financial inclusion front in the last 10 years, I believe
that large gaps still remain in formal financial inclusion across regions, income groups,
age, education and gender in the country.

In order to enhance financial inclusion to reach a wider population across the country,
supportive policy strategies and innovations coupled with a strong and proportionate
supervisory and risk management frameworks are necessary.
Moreover, the need for financial education and literacy programmes to the population
by both the public and private sector is vital, which should be underpinned by sound
market conduct practices including financial services consumer protection measures.
8. At this point, let me invite you to listen and learn from today’s presentations of the survey
findings and urge you to make use of the information and build-upon the same to expand
the financial inclusion landscape.
With these few remarks, I welcome you to this breakfast launch event of the Key Findings of
the 2016 FinAccess Household Survey and wish you fruitful deliberations. The survey report
is, therefore, officially launched.
Thank You!