Insights from FSD Kenya reveal that the youth are becoming the driving force behind the next phase of growth in the banking sector, particularly as digital currencies gain popularity. With only 23% of Kenyans currently utilizing traditional banking products, the limitations posed by physical bank branches, especially in rural areas, are prompting a shift towards more inclusive and accessible digital alternatives.
FSD CEO Tamara Cook emphasizes the pivotal role of the youth in shaping the future of banking, citing their preference for digital and mobile banking options, thereby driving innovation and user-friendly services in the ongoing digital transformation of Kenya’s banking industry.
As traditional banking products face challenges in reaching a significant portion of the population, the youth’s demand for digital solutions is steering the industry towards a more technology-driven future.
The recent digital transformations introduced by the Central Bank of Kenya align with this trend, highlighting a broader shift that is actively led by the youth, who bring a fresh perspective and digital fluency to shape the evolving landscape of banking in Kenya.
