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What happens when financial inclusion outpaces financial literacy?
In Kenya, financial education for teenagers should be rooted less in abstraction and more in the specifics of daily life: mobile money habits, digital fraud, informal saving culture, family obligations, peer pressure, side-hustle economics, betting, short-term borrowing and the social performance of consumption.
Kenya’s next financial challenge is not access, it is understanding.
Kenya is often held up as a global success story in financial inclusion. With the rise of mobile money services such as M-Pesa, the country has shown how technology can bring millions of people into the formal financial system, many for the first time. By 2024, 84.8 percent of Kenyan adults had access to formal financial services, up from 26.7 per cent in 2006.
