In the late 1990's, bankers used to say that there are about 2 million bankable Kenyans. Today, there are 73.72 mobile money accounts and 64 million deposit accounts in banks. The Survey estimated that 22.2 million Kenyans were using mobile money accounts, while 10.2 million Kenyans had bank accounts.
As we think back to 1994, and the step forward the IAIS represented for cooperation and coordination on insurance oversight, I think we can all marvel at how modest, relative to today, were the demands and the aspirations at that time for international standard-setting. On the one hand, insurance had been a global business for well over a century.