Kenya’s financial sector is one of the most evolved and progressive in 21st-century Africa. This is mostly a result of technological innovations such as mobile money; changes in products and consumer behaviour such as trends in mobile overdraft consumption; demographic dynamics — the country’s population is made up of 75 percent youth — and the entry of different players into the sector.
With these developments, we have witnessed better regulation, increased formality, and above all a rise in the country’s financial inclusion to 83.7 percent as recorded in December 2021. Indeed, technology is written all over this success, the role it has played in enhancing customer experience and spurring financial freedom is evident.
