Youths aged between 18 and 25 and the elderly above 55 years continue to face the highest financial exclusion rates in Kenya, according to the latest FinAccess Survey by the Central Bank of Kenya (CBK).

The report shows that despite slight improvements over the years, these two demographic groups remain the most underserved in terms of access to formal financial services. In the 2024 survey, 23.1 per cent of youths aged 18–25 reported being financially excluded, a slight increase from 22.5 per cent in 2021. Similarly, exclusion among those above 55 years stood at 9.7 per cent in 2024, improving from 14.9 per cent in 2021 but still notably high compared to the rest of the adult population. “The youth remain disproportionately excluded, likely due to lack of stable income, limited financial literacy, and barriers to accessing credit,” the CBK said in the report.

“Older adults also face exclusion, often due to digital illiteracy or lack of proximity to financial service providers.” The FinAccess survey, published periodically by the CBK in collaboration with the Kenya National Bureau of Statistics (KNBS) and FSD Kenya, tracks access, usage, and quality of financial services across different population groups.

Gender disparities in financial access continue to narrow, with the 2024 data showing exclusion rates at 10.0 per cent for females and 9.8 per cent for males.

Group savings platforms

This marks a significant drop from 12.4 per cent for females and 10.8 per cent for males in 2021. The figures suggest that initiatives targeting women’s access to mobile money, group savings platforms, and digital credit may be bearing fruit. However, stakeholders warn that beyond access, gender-based challenges in financial decision-making and usage remain unresolved. While urban areas reported a low exclusion rate of 6.2 per cent in both 2021 and 2024, rural areas continued to lag behind. In 2024, 12.6 per cent of rural residents reported being financially excluded, compared to 14.7 per cent in 2021.

Although there is progress, the gap underscores the need for deeper rural financial infrastructure and agent networks.

“While mobile money has improved rural access, disparities in infrastructure and digital connectivity still limit full financial participation in rural regions,” the report stated.