The Central Bank of Kenya (CBK) has launched an ambitious three-year strategy, shifting its focus from basic financial access to enhancing the overall financial well-being of millions of Kenyans. The plan, unveiled on December 4, 2025, confronts a troubling paradox: while more Kenyans than ever have access to financial services, fewer are considered financially healthy.

This new National Financial Inclusion Strategy (NFIS) for 2025-2028 is a direct response to data showing that while formal financial inclusion has reached 84.8%, the share of financially healthy adults has plummeted from 39.4% in 2016 to just 18.3% in 2024. The strategy defines financial health as the ability to manage daily expenses, withstand financial shocks, and invest in the future—a reality for less than one in five Kenyan adults.

From Access to Empowerment

For years, Kenya has been a global leader in financial inclusion, largely driven by the mobile money revolution. However, the new CBK strategy acknowledges that an account number alone does not translate to economic stability. "Over-indebtedness, gambling and weak consumer protection undermine financial health, especially among youth and low-income households," warned CBK Governor Kamau Thugge, highlighting the urgent need for the strategic shift.

The 2024 FinAccess Survey revealed deep structural weaknesses in the nation's financial ecosystem. Savings rates have declined for the first time since 2006, while loan defaults have surged. The new plan aims to reverse this trend through a coordinated, multi-stakeholder approach involving government bodies, regulators, and private sector players.

The strategy is built on six core pillars designed to create a more resilient and equitable financial system:

• Deepening access to a full range of financial services.
• Enhancing the usage of quality and affordable financial products.
• Strengthening consumer protection, financial literacy, and market conduct.
• Developing inclusive green finance markets.
• Promoting rural and agricultural finance.
• Improving access for underserved groups, including women, youth, persons with disabilities, and MSMEs.

The Shilling in Your Pocket

For the average Kenyan, the strategy's success will be measured by tangible improvements in their financial lives. The plan aims to tackle the high cost of credit, reduce household debt stress by 30%, and boost the number of Kenyans saving for old age. For farmers, a key focus is raising access to formal credit from 43% to 60%, supported by better insurance and digital financing tools.

A central component is strengthening financial literacy and consumer protection to shield citizens from predatory lending and create a fairer market. By focusing on the quality and impact of services, the CBK intends to ensure that finance becomes a tool for genuine household and business growth, not a source of distress.

As Treasury Cabinet Secretary John Mbadi noted during the launch, the strategy is "a call to action to create a vibrant, efficient, and inclusive financial system that benefits all Kenyans." The ultimate goal is not just to connect Kenyans to the financial system, but to empower them to thrive within it.