The Central Bank of Kenya has launched three major policy frameworks designed to strengthen financial access and support the country’s economic transformation agenda. The National Financial Inclusion Strategy 2025 to 2028, the Fourth Medium Term Plan for the Financial Services Sector 2023 to 2027 and the Women Entrepreneurs Finance Code were unveiled on December 4 in Nairobi.
The National Financial Inclusion Strategy will guide efforts to expand access to affordable and high quality financial products and services including payments, credit, insurance, pensions, savings and investments. It aims to ensure these solutions meet customer needs while supporting sustainable growth. Development of the strategy involved wide stakeholder consultations and public participation to align market innovations, policy actions and financial inclusion initiatives toward shared national goals.
The strategy focuses on deepening access and usage of financial services, improving consumer protection and financial literacy and promoting inclusive green finance. It places priority on expanding finance for rural agriculture and closing financial access gaps affecting women, youth, persons with disabilities, forcibly displaced persons and micro, small and medium enterprises. Implementation will be coordinated through the National Financial Inclusion Council supported by the Central Bank, working groups and advisory platforms.
The Fourth Medium Term Plan for the Financial Services Sector sets out key reforms and programmes to drive the sector’s contribution to national development. The plan seeks to position Kenya as a regional and global financial hub through stronger efficiency, market stability and increased formal access to financial services. It also targets higher savings and investment levels and intends to address emerging risks and opportunities linked to climate change and the digital finance landscape.
Among the policies expected during implementation are reforms to the insurance framework, national credit information sharing rules, macroprudential oversight, unclaimed financial assets administration and disaster risk financing. The plan will also support the establishment of the Kenya Credit Guarantee Company.
A key highlight of the launch was the signing of the Women Entrepreneurs Finance Code, a new initiative to close the financing gap faced by women led businesses. The Code provides a platform for financial sector leaders to expand access to capital for women entrepreneurs through improved data collection, stronger regulatory standards and financial and non financial support. More than forty institutions have already signed the code under the coordination of the Central Bank of Kenya.
The Central Bank noted that the combined implementation of the three frameworks will leverage technology and data to build a more inclusive, competitive and resilient financial sector capable of serving future generations.
