A recent empirical finding shows that factors preventing poor people from opening savings accounts include high charges, distant bank outlets, weak legal rights, and political instability. 11 Even when the poor do open accounts, whether or not they actually save money in those accounts is a separate question. They need to have other incentives to do so. Such incentives may vary by country.
Uhuru Kenyatta, Deputy Prime Minister and Minister for Finance of the Republic of Kenya; Fellow Central Bank Governors of the Eastern Africa Sub-region; The Executive Secretary General of the AACB; Chief Executives of Regulatory Authorities in Kenya; Distinguished Guests; Ladies and Gentlemen: Hon.