65% of Kenyans Do Not Have a Bank Account, 87% Struggle with Access to Credit, Says Latest Research

Digital lending in Kenya is fast becoming a key lifeline.

65% of Kenyans do not have a bank account while 45% of borrowers on digital platforms lack a formal credit rating.

In addition, 87% of Kenyans struggle with access to credit having never had approved loans for ~$25.

Mobile based lending in Kenya has now become key to financial wellbeing for underserved borrowers. However, this introduces new risks such as over-indebtness due to lack of financial knowledge.

The research shows financial health improved significantly for underscored borrowers with no credit history who benefitted the most from mobile lending service as an entry point to formal financial systems.

A Different Perspective of Kenya

A survey shared with BitKE by Pesalink in February 2025 revealed that mobile banking apps are nearly as popular as mobile money wallets in Kenya among its users.

In contrast, Kenyans deposited a record $6.3 billion in SACCOs, local savings schemes, in 2023. SACCOs account for ~7% of the Kenyan GDP and are a popular means for regular people to grow their finances, turning to the hundreds of SACCOS as investment avenues. These organizations are so popular that plans are underway to set up a central liquidity facility to enable them to lend to each other, same as interbank lending.

A 2022 report by FSD Kenya showed that cash still accounts for ~80% of daily transactions in Kenya.This data highlights the challenge of low financial health despite the impressive growth of Kenya’s financial inclusion rates.

It is estimated that 84% of the Kenyan population has access to at least basic financial services thanks to the near-pervasiveness of mobile money, with financial inclusion rising from just 26.7% about ten years ago.

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