Kenya has a population of 46.1 million. World Bank data (2005) reported that around 33.6% of Kenya’s population is living on less than 1.90 USD/day. The Kenyan poverty profile reveals strong regional disparities in the distribution of poverty, with the lowest incidence being in the central region and the highest in the northern and eastern arid and semi-arid areas.
FSD Kenya reports that Kenya has 1,313 bank branches, 8,083 bank agents, 503 stand-alone ATMs, and 49,417 mobile money agents. While there is a strong correlation between access to financial points and usage of financial services, financial inclusion is not uniform across the country. About 69% of all these financial access points are located in areas with the least likelihood of poverty, even though only 30% of the population lives in these areas.
Kenya is the world leader in mobile money payment technology. The Kenyan M-Pesa mobile telephone banking service was first conceived by Safaricom and launched in March 2007. M-Pesa is an innovative service that has catalyzed the industry to create an enabling environment to broaden access to financial services. As of 2016, Safaricom's M-PESA has over 23 million subscribers, supported by a nationwide agent network of over 100,000 outlets.
The Central Bank of Kenya is the regulatory of financial inclusion in Kenya. It formulates and implements all financial inclusion related policies and is responsible for supervising and providing license to MFIs.