Demand for savings services has helped transform the bottom of the pyramid into a competitive market space open to a wide range of new and dynamic players. To examine the new savings product being offered, data was collected for over 100 savings products across twenty financial institutions.
Kenya has established itself as a global technology pioneer through innovations in mobile money and agent banking that are helping to further reach the poor. The growth and utilization of these technologies have fundamentally changed the way financial institutions are able to provide access to their financial services.
In the past 5 years, commercial banks have proven to be leaders in the financial access space, and this can been seen in their focus on and growth of smaller-volume accounts.