Access to formal financial services is highest in Nairobi, Nyeri, Muranga Kirinyaga, and Kiambu and lowest in the counties of West Pokot, Turkana and Garissa due to gender disparities.
According to the FinAccess Household Survey County Perspective Report, gaps in access to formal financial services between women and men are highest in Kilifi, Narok, Turkana, and Kwale where gender-specific products are required to bridge the gap.
The report shows that those in Nairobi County have the highest access to formal financial services and products at 95pc while West Pokot County has the lowest access at 57.7pc.
The report indicates that in some counties a significant number of women rely of informal financial products and services or are excluded altogether.
Garissa and West Pokot are among the 10 counties with the highest access to informal financial services such as chamas with 11.6pc of the population relying on friends and social network to access financial products.
Overall, usage of informal groups like chamas is high in Kirinyaga, Murang’a, Siaya, Busia, and Makueni, perhaps reflecting the agricultural richness and high presence of small businesses.
Agricultural endowed counties and urban areas have wider choices of financial service providers and products compared to those in arid and semi-arid areas, which largely rely on mobile money, informal groups, and NHIF.
The counties of Marsabit, Garissa and Samburu recorded the highest level of debt distress while Nakuru, Busia, and Siaya had the highest cases of gambling above the national average of 11pc.
