{"id":106893,"date":"2023-11-15T20:45:40","date_gmt":"2023-11-15T20:45:40","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyans-poor-savers-despite-financial-inclusion-ps"},"modified":"2023-11-15T21:33:57","modified_gmt":"2023-11-15T21:33:57","slug":"kenyans-poor-savers-despite-financial-inclusion-ps","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyans-poor-savers-despite-financial-inclusion-ps","title":{"rendered":"Kenyans poor savers despite financial inclusion – PS"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>The rate at which Kenyans are saving for their future expenses and other basic needs remains low despite a remarkable success in financial inclusion over the past years.<\/p>\n

National Treasury PS Chris Kiptoo says Kenya\u2019s saving rate stands at about 12 per cent, against a financial inclusion rate of 84 per cent and a financial access rate of 82.9 per cent.<\/p>\n

\u201cConsidering the inclusion success, this is quite low. The highest we have ever got is about 15 per cent some few years back,\u201d Kiptoo said.<\/p>\n

\u201cFurther, the rate is still below Africa\u2019s average mark of at least 17 per cent.\u201d<\/p>\n

He spoke on Wednesday during the launch of the inaugural depositors\u2019 insurance conference hosted by the Kenya Deposit Insurance Corporation (KDIC) in Nairobi.<\/p>\n

Central Bank of Kenya (CBK\u2019s) deputy governor Susan Koech concurred with his sentiments saying there is need to on-board more adults to the banking space.<\/p>\n

\u201cThis while recognising the recorded growth, from 26 per cent of adult population who were banked in 2006, to 83 per cent in 2021,\u201d Koech said.<\/p>\n

\u201cWe need to push the number further, and build a robust saving culture among Kenyans, considering the benefits that come with saving.”<\/p>\n

She said saving does not only enhance peoples lives, but also addresses day to day challenges such as medical and other social needs.<\/p>\n

As one of the strategies to address this, KDIC announced the launch of a web-enabled training module aimed at educating employees of commercial banks, deposit-taking microfinance, and mortgage institutions to foster deposit mobilisation.<\/p>\n

\u201cThis will help them play a crucial role in mobilisation efforts and instil confidence among members of the public,\u201d said Hellen Chepkwony, CEO at KDIC.<\/p>\n

The training scheme is intended to define deposit insurance and explain how it works; identify deposit insurance stakeholders in Kenya; outline the roles and responsibilities of banks and KDIC in protecting depositors\u2019 funds.<\/p>\n

It further intends to breakdown the liquidation process of banks in the event of failure.<\/p>\n

CBK data shows bank deposits increased by 9.6 per cent from Sh4.6 trillion in December 2021, to Sh4.9 trillion in December 2022, credit to deposit mobilisation through agency banking and mobile phone platforms.<\/p>\n

Other key concerns that surfaced during the forum were the collapse of banks, a problem that has shaken the banking sector, making customers sceptical about banking.<\/p>\n

Kiptoo said since the 1990s, the country has witnessed the closure of 28 banks, out of which 19 are currently in liquidation under KDIC management.<\/p>\n

\u201cTo date, KDIC has paid out over Sh93 billion to depositors linked to the failed banks, and still owes Sh91.2 billion to other 95,000 depositors,\u201d he said.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. The rate at which Kenyans are saving for their future expenses and other basic needs remains low despite a remarkable success in financial inclusion over the past years. National Treasury PS Chris Kiptoo says Kenya\u2019s saving rate stands at about 12 per cent, against a financial inclusion rate of 84 per cent […]<\/p>\n","protected":false},"author":84,"featured_media":106892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-106893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nKenyans poor savers despite financial inclusion - PS - kenya<\/title>\n<meta name=\"description\" content=\"The rate at which Kenyans are saving for their future expenses and other basic needs remains low despite a remarkable su ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyans-poor-savers-despite-financial-inclusion-ps\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kenyans poor savers despite financial inclusion - 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