The Effect of Financial Technologies on Financial Inclusion in Kenya
DOI:
https://doi.org/10.17613/wfkm-3e71Keywords:
Financial Inclusion, Financial Technologies, Fin-Tech, Mobile Money, Agency Banking, Mobile Phone Penetration, , Point of Sale, Diaspora Remittances, Lending RateAbstract
The study sought to evaluate the effect of financial technologies (Fin-Tech) on financial inclusion in Kenya. A descriptive research design was used to collect and analyse data. The population of the study was all 25,000,000 adult population in Kenya interacting with Fin-Tech in various degrees. The study collected quarterly secondary data regarding financial inclusion and Fin-Tec from the CBK database, Communication Authority database and KNBS. The data extracted was entered on data collection sheets in the form of Excel sheets. Data on the Excel sheet were exported to STATA version 15. OLS regression model helped evaluate the effect of Fin-Tech on financial inclusion in Kenya. The study established that financial technology and other covariates have a significant effect on financial inclusion as measured by credit to the private sector. Financial technology via mobile money, Agency banking, Point of Sale and mobile phone penetration had a statistically significant effect on financial inclusion. The study thus concluded that financial technology and other covariates have a major effect on financial inclusion as measured by credit to the private sector.
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Copyright (c) 2024 Lucy Wanjiku Kamau, Prof. Josiah Aduda (PhD) (Author)
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