Kenya: access to financial services by education 2019

More access to formal financial services in Kenya in 2019 was compatible with higher levels of education. Among households with tertiary education, 98.6 percent had access to formal financial services. By contrast, 60.7 percent of those without education consumed the same financial products. Furthermore, while only one percent of households with tertiary education were excluded from financial services, a high of about 23 percent of households without education did not gain access to those services.

Access to financial services and products in Kenya as of 2019, by educational level

Characteristic	Formal	Informal	Excluded
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Release date

April 2019

More information

Region

Kenya

Survey time period

October 1 to December 15, 2018

Number of respondents

8,669 households

Age group

16 years and older

Method of interview

Computer-assisted personal interviews (CAPI)

Supplementary notes

According to the source, access to financial services was divided in three categories:

Formal: “Financial services and products offered through providers that are legally registered legal persons and/ or operate through direct Government interventions”;

Informal: “Financial services offered through different forms not subject to regulation, but have a relatively well–defined organizational structure”;

Excluded: “Individuals who reported using financial services and products only through family, friends, neighbors or keep money in secret places or not using any form of financial service”

Furthermore, the source adds the following information:
"In particular, consumer is classified in the formal category if he/she has access to any formal financial service or product. However, the same consumer may also be accessing informal financial services or products. Where a consumer accesses only informal financial services or products, he/she is classified as informally included. A consumer who does not access any financial services or products from any formal or informal categories, he/she is classified as excluded."

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