ABN - Kenya has taken top spot in an annual digital and financial inclusion index by Brookings Institution’s Centre for Technology Innovation (BICTI) for the third year running.
The Washington DC-based non-for-profit organisation’s Financial and Digital Inclusion Program (FDIP) surveyed 26 countries across the globe, predominantly in emerging markets.
“In addition to Kenya, the other top-scoring countries were distributed across Latin America and sub-Saharan Africa: Brazil and Mexico tied for second place, and Colombia, South Africa, and Uganda tied for third,” said the report.
The report referenced the East African nation’s commitment to advancing financial inclusion, widespread adoption of mobile money services and a broad range of mobile money services.
Mobile banking services such as PesaLink and M-Pesa have become well-established in the national finance industry, giving traditionally underserved groups access to banking services.
Kenya’s enabling regulatory environment for digital financial services was also a crucial factor in its positioning at the top, with 75% of Kenyan adults holding a financial account.