Kenya sees a reduction in use of bank services
Mobile payments preferred, with 47.8% of population using mobile services on daily basis
Mobile financial services are used more frequently than banks and credit society services in Kenya, a study published by the central bank has found.
The FinAccess survey report, released February 19, showed visits to banks and credit institutions have fallen to around once a month, on average.
People surveyed said the main reason they had stopped using their bank accounts was "loss of income source". "Banks are simply used to receive salaries and other livelihood related payments and are not
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Financial Stability
Central banks need to foster trust – ECB report
Instilling public confidence helps in achieving policy objectives and maintaining independence
Fintechs’ share in Dutch NBFI lending doubled in two years – DNB study
However, €2.3 billion dispersed by firms still represents only 0.7% of all loans
FSB launches plan to rein in non-bank leverage
Limited data and uneven regulatory mandates pose major challenges
ECB raises capital requirements for eurozone banks
Geopolitics and macro-financial shocks remain top priority for next three years, annual review states
Assets held by risky non-banks grew to record high in 2023 – FSB
Surging asset prices caused sector to grow more than twice as fast as banks
Banks should be operationally ready for liquidity support – BIS
Institution calls on authorities to improve lenders’ preparedness for central bank liquidity
BoK vows to stabilise markets with ‘all available tools’
Central bank calls for bipartisan policy co-ordination following president’s impeachment
IMF approves $259m loan to support PNG’s climate resilience
Fund also disburses $125 million to support economic reforms in Papua New Guinea