Persons With Disabilities Left Behind in Financial Inclusion
A new report released by the Central Bank of Kenya (CBK), Kenya National Bureau of Statistics (KNBS), and Financial Sector Deepening Trust (FSD Kenya) has revealed that Persons with disabilities (PWDs) in Kenya face significant barriers to financial inclusion.
According to the survey, only 77.9% of PWDs are financially included, compared to the national average of 84.8%. Furthermore, a mere 7% of PWDs were deemed financially healthy.
The survey identified 935 individuals who reported having disabilities, ranging from mild to severe.
These individuals experienced difficulties in various areas of daily life, including seeing, hearing, walking, remembering, self-care, and communication.
These limitations hinder their ability to access and utilize financial services.
To address these disparities, policymakers and financial institutions are advised to prioritize the needs of PWDs and implement targeted strategies to improve their financial inclusion.
The overall survey findings indicate that Kenyans continue to access a diverse range of financial services, from traditional options like brick-and-mortar banks and SACCOs to innovative digital solutions such as 'buy now, pay later' services. This has propelled their access to formal financial services and products to 84.8% in 2024, up from 83.7% in 2021.
Tags: Digital Inclusion Ministry Of Finance Ncpwd
