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144 Kenya’s Financial Transformation in the 21st Century Carpena, F., S. Cole, J. Shapiro and B. Zia (2011), “Unpacking the Causal Chain of Financial Literacy”, World Bank Policy Research Working Paper No. 5798, Washington, DC. Central Bank of Kenya (CBK) and FSD Kenya (2007), Financial Access in Kenya: Results of the 2006 National Survey, Nairobi (available at http://www.fsdkenya. org/finaccess/documents/FinaccessReportFINALMain.pdf). _____ (2009), FinAccess National Survey 2009: Dynamics of Kenya’s changing financial landscape, Nairobi (available at http://www.fsdkenya.org/finaccess/ documents/09-06-10_FinAccess_FA09_Report.pdf). Cheston, S. and L. Kuhn (2002), “Empowering women through microfinance”, in S. Daley-Harris (ed.), Pathways out of Poverty: Innovations in Microfinance for the Poorest Families, Bloomfield, CT: Kumaria Press, pp. 167–228. Claessens, S. (2006), “Access to financial services: A review of the issues and public policy objectives”, World Bank Research Observer 21(2). Clamara, N., X. Pena and D. Tuesta (2012), “Factors that matter for Financial Inclusion: Evidence from Peru”, BBVA Working Paper No. 14/09, Madrid. Cole, S.A., T. Sampson and B. Zia (2009), “Prices or Knowledge? What Drives Demand for Financial Services in Emerging Markets”, Harvard Business School Working Paper No. 09-117, Cambridge, MA. Dermirgüç-Kunt, A. and L. Klapper (2012), “Measuring Financial Inclusion: The Global Findex Database”, World Bank Policy Research Working Paper No. 6025, Washington, DC. Demirgüç-Kunt, A., L. Klapper and D. Singer (2013), “Financial Inclusion and Legal Discrimination Against Women: Evidence from Developing Countries”, World Bank Policy Research Working Paper No. 6416, Washington, DC. Dupas, P. and J. Robinson (2013), “Savings Constraints and Microenterprise Development: Evidence from a Field Experiment in Kenya”, American Economic Journals: Applied Economics 5(1), pp. 163–192. Dupas, P., A. Keats, S. Green and J. Robinson (2012), “Challenges in banking the rural poor: Evidence from Kenya's western province,” NBER Working Paper No. 17851, Cambridge, MA. Hilgert, M.A., J.M. Hogarth and S.G. Beverly (2003), “Household financial management: The connection between knowledge and behaviour”, Federal Reserve Bulletin, July, pp. 309–322
Formal Financial Inclusion in Kenya: Understanding the Demand-Side Constraints 145 Honohan, P. (2008), “Cross-Country Variation in Household Access to Financial Services”, Journal of Banking and Finance 32(11), pp. 2493–2500. Honohan, P. and M. King (2012), “Cause and Effect of Financial Access: Crosscountry Evidence from the Finscope Surveys”, in R. Cull, A. Demirguc- Kunt and J. Morduch (eds), Banking the World: Empirical Foundations of Financial Inclusion, Cambridge, MA: MIT Press. Johnson, S., G. Brown and C. Fouillet (2012), The Search for Inclusion in Kenya’s Financial Landscape: The Rift Revealed, Nairobi: FSD Kenya. Karlan, D. and J. Morduch (2009), “Access to Finance”, Chapter 2 in D. Rodrik and M. Rosenzweig (eds), Handbook of Development Economics (Vol. 5), Amsterdam: North-Holland Elsevier. Kendall, J. (2010), “A Penny Saved: How do Savings Accounts Help the Poor?”, Financial Access Initiative (available at http://www.financialaccess.org/ sites/default/files/publications/a-penny-saved-how-do-savings-accountshelp-the-poor.pdf). Kenya National Bureau of Statistics (2012), "Kenya Facts and Figures 2012" (available at http://www.knbs.or.ke/index.php?option=com_ phocadownload&view=category&id=20&Itemid=1107). King, M. (2012a), “The Unbanked Four-Fifths: Informality and Barriers to Financial Services in Nigeria”, IIIS Discussion Paper No. 411, Dublin. _____ (2012b), “Is Mobile Banking Breaking the Tyranny of Distance to Bank Infrastructure? Evidence from Kenya”, IIIS Discussion Paper No. 412, Dublin. _____ (2012c), “Comparative Financial Inclusion in Sub-Saharan Africa and Frontiers of Financial Inclusion Research”, presentation at IIIS, Trinity College Dublin, December (available at http://michaelking.ie/wp-content/ uploads/2012/12/Colloquium-Presentation-December-2012-Final.pdf). Klawitter, M. and D. Fletschner (2010), “Who is banked in low income families? The effects of gender and bargaining power”, Social Science Research 40(1), pp. 50–62. Lusardi, A. and O. Mitchell (2011), “Financial Literacy around the World: An Overview”, NBER Working Paper No. 17101, Cambridge, MA. Lusardi, A. and P. Tufano (2009), “Debt Literacy, Financial Experience, and Over indebtedness”, NBER Working Paper No. 14808, Cambridge, MA.
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Kenya’s Financial Transformation
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FSD Kenya 5th floor, KMA Centre Cor
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Dedication Ravi Ramrattan was FSD
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CHAPTER 1 Transformation of Kenya
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CHAPTER 2 The Geography of Financia
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CHAPTER 6 Measurement of Financial
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CHAPTER 7 Financial Capability and
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