To what extent has Kenya’s financial inclusion journey been fair, inclusive and value adding?

With 84% of Kenyans having a formal account, Kenya’s financial inclusion journey has produced impressive results; but to what extent has it been fair, inclusive and value-adding?
Mariangela Pensa (M-Pensa Impact and Development Services) and her colleague Davide Castelliani from the University of Bergamo set a higher bar for financial inclusion- beyond having an account to using credit, savings, pensions and insurance- finding that 75% of Kenyans are still partially excluded; on the other hand, Christine Hougard from CENFRI finds that Kenya is doing relatively well in developing a ‘fair’ and responsible financial sector, but is falling short in terms of providing products and services which meet the needs of Kenyans. Is this part of the reason why we are seeing a steep decline in the financial health of Kenyans since 2016? Amrik Heyer from FSD Kenya offers some explanations for Kenya’s declining financial health.