Kenya’s financial landscape varies across different counties, with some having stronger financial infrastructures than others. Nairobi City County is leading the charge with the highest number of Regulated SACCOs’ head offices, accounting for almost half of all head offices in the country. Kiambu, Mombasa, Meru, and Nyeri Counties follow suit, with significant head offices of their own.
However, some counties, including Makueni, Turkana, Tana River, Garissa, Wajir, Mandera, and Isiolo, lack any head office of a Regulated SACCO, leaving their populations underserved.
Moreover, the 2022 FinAccess Household Survey-COUNTY PERSPECTIVE by the Central Bank of Kenya (CBK) highlighted the dire need for financial inclusion in several counties. Garissa, Narok, and Tana River Counties have the highest proportion of adults excluded from financial services.
Shockingly, in Garissa County, only a small fraction of the adult population has access to a bank account, a Sacco loan, or insurance products and services. The data reveals a significant gap in access to financial services, underscoring the urgent need for more financial institutions to serve marginalized counties.
Finally, Nairobi County has the highest number of registered cooperative societies in the country, demonstrating its strength in the financial sector. Kiambu County follows closely behind, indicating its potential for growth. By improving financial infrastructure in underserved counties, the country can promote financial inclusion and equity across all counties, ensuring a better financial future for all Kenyans.
