This confirms the unprecedented opportunity to enhance formal financial inclusion through mobile financial services as compared to other channels. Following rollout of MFS in Kenya in 2007, the level of the population which is financially excluded has declined from 38% in 2006 to 33% in 2009 and now 25% in 2013.
Similarly, the size of the population using informal financial services had dropped from 35% in 2006 to 27% in 2009 and now stands at 8% in 2013. More significantly, 2 in 3 Kenyans have access to formal financial services. This is an impressive trend, which if replicated across Africa will poise the continent for unprecedented growth.