Access to financial services in Kenya as of 2019 was higher for the 26-35 years segment of the population, with 89 percent. Kenyans aged 18-25 years and senior groups over 55 years displayed the highest exclusion rates of over 17 percent. Informal access amongst all segments fluctuated between five and nine percent.
Access to financial services and products in Kenya as of 2019, by age
According to the source, access to financial services was divided in three categories:
Formal: “Financial services and products offered through providers that are legally registered legal persons and/ or operate through direct Government interventions”;
Informal: “Financial services offered through different forms not subject to regulation, but have a relatively well–defined organizational structure”;
Excluded: “Individuals who reported using financial services and products only through family, friends, neighbors or keep money in secret places or not using any form of financial service”
Furthermore, the source adds the following information:
"In particular, consumer is classified in the formal category if he/she has access to any formal financial service or product. However, the same consumer may also be accessing informal financial services or products. Where a consumer accesses only informal financial services or products, he/she is classified as informally included. A consumer who does not access any financial services or products from any formal or informal categories, he/she is classified as excluded."
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Central Bank of Kenya. (April 1, 2019). Access to financial services and products in Kenya as of 2019, by age [Graph]. In Statista. Retrieved December 27, 2024, from https://www.statista.com/statistics/1219865/access-to-financial-services-and-products-in-kenya-by-age/
Central Bank of Kenya. "Access to financial services and products in Kenya as of 2019, by age." Chart. April 1, 2019. Statista. Accessed December 27, 2024. https://www.statista.com/statistics/1219865/access-to-financial-services-and-products-in-kenya-by-age/
Central Bank of Kenya. (2019). Access to financial services and products in Kenya as of 2019, by age. Statista. Statista Inc.. Accessed: December 27, 2024. https://www.statista.com/statistics/1219865/access-to-financial-services-and-products-in-kenya-by-age/
Central Bank of Kenya. "Access to Financial Services and Products in Kenya as of 2019, by Age." Statista, Statista Inc., 1 Apr 2019, https://www.statista.com/statistics/1219865/access-to-financial-services-and-products-in-kenya-by-age/
Central Bank of Kenya, Access to financial services and products in Kenya as of 2019, by age Statista, https://www.statista.com/statistics/1219865/access-to-financial-services-and-products-in-kenya-by-age/ (last visited December 27, 2024)
Access to financial services and products in Kenya as of 2019, by age [Graph], Central Bank of Kenya, April 1, 2019. [Online]. Available: https://www.statista.com/statistics/1219865/access-to-financial-services-and-products-in-kenya-by-age/
