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The Fintech Ecosystem and Financial Inclusion: Evidence from Kenya

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  • Kodongo, Odongo

Abstract

The purpose of this policy brief is to explain the role that the fintech (financial technology) ecosystem could play in facilitating financial inclusion in Kenya. The country has witnessed tremendous growth in the fintech subsector in recent years. It had at least 385 registered fintech firms/startups by July 2022 operating in various subspaces such as savings and credit, foreign exchange and cryptocurrency, insurance, and micro/neo-banking. Alongside these developments there has been a steep growth in financial inclusion, with FinAccess surveys documenting growth in formal financial services usage between 2006 and 2021 from 33.2% to 85.9% among men, and from 20.5% to 81.7% among women. Therefore, understanding the linkages between fintech and usage of formal financial services is of interest to policymakers. This study explored linkages using FinAccess data for 2016 and 2021 and documented several interesting findings.

Suggested Citation

  • Kodongo, Odongo, 2025. "The Fintech Ecosystem and Financial Inclusion: Evidence from Kenya," Working Papers 1503a2fb-6c52-479f-bdb0-4, African Economic Research Consortium.
    • Handle: RePEc:aer:wpaper:1503a2fb-6c52-479f-bdb0-4dee7501bd9b
    Note: African Economic Research Consortium
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