It is also instructive that only 19% of this populace is served by the formal banking sector. We must therefore collectively endeavour to push forward the “access” frontier and salvage Kenyans from the jaws of pyramid schemes and shylocks. These schemes are capitalising both on information asymmetry and the perception by the public that current formal financial services are expensive.
BIS Review 126/2007  1  I must commend initiatives in the recent past by banks to introduce niche products such as those targeting Small and Medium Enterprises and bundled products charging a flat fee for a basket of services. But more needs to be done in this arena.