Kenya: Selected Issues

International Monetary Fund

No 2018/296, IMF Staff Country Reports from International Monetary Fund

Abstract: This Selected Issues paper analyzes Kenya’s success in boosting financial inclusion. Kenya has become a regional and global leader in mobilizing new technologies to advance financial inclusion, poverty reduction, and growth. The rapid progress of financial inclusion in Kenya has been a result of a friendly environment for the absorption of information technology, dynamic local banks, and open and stable regulations. Advances in financial inclusion over the past 10 years have allowed Kenyans to reap many of the benefits of financial access at a much faster pace than the typical cycle of financial deepening in low- and middle-income countries. Mobile financial services have lowered the transaction cost of remittances, allowing Kenyan households to smooth consumption in the face of shocks and significantly reducing poverty.

Keywords: ISCR; CR; Kenya; interest rate; interest rate control; money; bank; NFCS credit; lending rate; Kenya's NFCS; foreign currency; transaction cost; remittance transaction; Interest rate policy; Double taxation; Financial inclusion; Credit; Bank credit; Africa; Global (search for similar items in EconPapers)
Pages: 65
Date: 2018-10-23
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