November 22nd 2017

Business / News

Kenya receives top score on Brookings financial inclusion scorecard

“Countries have increasingly recognized that advancing access to and usage of affordable, secure formal financial services can contribute to their development objectives,” write FDIP authors Robin Lewis, John Villasenor, and Darrell West. However, further opportunities for progress remain.

By Free Press Correspondentnewsdesk@kenyafreepress.comSunday, 03 Sep 2017 17:34 EAT

The Center for Technology Innovation at the Brookings Institution's 2017 Financial and Digital Inclusion Project (FDIP) Report is out. Titled Building a Secure and Inclusive Global Financial Ecosystem, the report evaluates commitment to and progress toward financial inclusion across a set of 26 geographically, politically, and economically diverse countries, including Kenya.

“Countries have increasingly recognized that advancing access to and usage of affordable, secure formal financial services can contribute to their development objectives,” write FDIP authors Robin Lewis, John Villasenor, and Darrell West. However, further opportunities for progress remain.

As part of its aim to provide policymakers and others with information that can help improve financial inclusion efforts, the FDIP team produces an annual report and scorecard that measure countries on four “dimensions” of financial inclusion: country commitment, mobile capacity, regulatory environment, and the adoption of traditional and digital financial services.

On the 2017 scorecard, Kenya received 86 percent of the total possible points across all four dimensions, meaning it ranked 1st out of all 26 countries.

This is the third year in a row that Kenya received the top score on the FDIP scorecard. Kenya’s overall score increased by two percentage points over last year, when it received 84 percent of the total possible points. Kenya received its highest score (94 percent) in the regulatory environment
category.

In addition to receiving the highest overall score, Kenya received the highest score among all countries on the adoption dimension of the scorecard, primarily due to its considerable rates of mobile money adoption among low-income adults and women.

.





Stay Connected