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The proportion of adults holding financial accounts in Kenya hit 82 per cent in 2017, the highest in Sub-Saharan Africa, buoyed by efficient mobile money systems, a new World Bank report showed.
This is an improvement from 2014 when an estimated 75 per cent of the adult population had financial accounts, the 2017 Global Findex Database showed.
Kenya leads other Sub-Saharan Africa economies including South Africa (73 per cent); Gabon (64 per cent); Uganda (62 per cent); Ghana (60 per cent) and Nigeria (53 per cent).
The report showed that globally the share of adults with an account is now at 69 per cent in 2017, an increase of seven percentage points since 2014. These numbers translate into 515 million adults who have gained access to financial tools. In 2011 account ownership was estimated at 51 per cent.
In high-income economies 94 per cent of adults have an account compared to an average 63 per cent in developing economies.
INDEPTH: Mobile money lifts Kenya account holders to 82 pc
This is an improvement from 2014 when an estimated 75 per cent of the adult population had financial accounts, the 2017 Global Findex Database showed.
Kenya leads other Sub-Saharan Africa economies including South Africa (73 per cent); Gabon (64 per cent); Uganda (62 per cent); Ghana (60 per cent) and Nigeria (53 per cent).
The report showed that globally the share of adults with an account is now at 69 per cent in 2017, an increase of seven percentage points since 2014. These numbers translate into 515 million adults who have gained access to financial tools. In 2011 account ownership was estimated at 51 per cent.
In high-income economies 94 per cent of adults have an account compared to an average 63 per cent in developing economies.
INDEPTH: Mobile money lifts Kenya account holders to 82 pc