in the 21st Century

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232 Kenya’s Financial Transformation in the 21st Century Respondent 1 A 51 year-old male from the Kibera slum, Respondent 1 has a common financial profile: formally and informally financially excluded, but with weekly usage of mobile money. Affordability and low financial numeracy represent the biggest constraints facing Respondent 1, with affordability the most significant. 7 Financial Inclusion Profile Respondent 1 − Frequent Mobile User Only 6 No. of Products 5 4 3 Daily Weekly Frequency of Usage Aspirational Line of Inclusion 2 1 Monthly Once/twice yearly Irregularly 0 # formal # informal # saving # insurance # transaction # lending Mobile Financial Constraints Profile: Respondent 1 Natural Log of Ratio (high=good) Time to bank/agent (low=good) 0 1 2 3 4 5 6 7 Ratio: Gross Income to Banking Cost(ln) 0 1 2 3 4 Time to Bank Branch/Agent Score out of 2 in basic test (high=good) Cost category (low=good) 0 1 2 3 4 5 6 7 0 1 2 Numeracy Score Cost to Reach Bank Branch/Agent Familarity with financial terms (high=good) 0 2 4 6 8 10 12 14 Financial Sector Knowledge Score
Measurement of Financial Inclusion: Beyond the Binary Measure 233 Respondent 34 A 47 year-old female from Riruta, Nairobi, Respondent 34 is active weekly in formal banking and mobile money, and monthly in informal financial services. This respondent has access to transactions, saving and lending products, but does not have any insurance products. Given the inclusion performance of Respondent 34, it is unsurprising that no signficant constraint stands out, although there are question marks over the numeracy of this respondent. 7 Financial Inclusion Profile Respondent 34 − Active Formal, Informal and Mobile 6 No. of Products 5 4 3 Daily Weekly Frequency of Usage Aspirational Line of Inclusion 2 1 Monthly Once/twice yearly Irregularly 0 # formal # informal # saving # insurance # transaction # lending Mobile Financial Constraints Profile: Respondent 34 Natural Log of Ratio (high=good) Time to bank/agent (low=good) 0 1 2 3 4 5 6 7 Ratio: Gross Income to Banking Cost(ln) 0 1 2 3 4 Time to Bank Branch/Agent Score out of 2 in basic test (high=good) Cost category (low=good) 0 1 2 3 4 5 6 7 0 1 2 Numeracy Score Cost to Reach Bank Branch/Agent Familarity with financial terms (high=good) 0 2 4 6 8 10 12 14 Financial Sector Knowledge Score
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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 3 Formal Financial Inclusio
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The Digitisation of Financial Servi
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