71point4 > Projects > Financial inclusion > Understanding unmet financial needs and opportunities in Kenya

Understanding unmet financial needs and opportunities in Kenya

Consultative Group to Assist the Poor (CGAP),
Financial Sector Deepening Kenya (FSDK)


Kenya FinAccess 2019

Segmentation, survey analysis


71point4 worked with Cenfri to understand the financial needs of key consumer groups in Kenya. The study explored how these segments are currently meeting their needs with existing financial services – and through this identify opportunities for policymakers, regulators and financial service providers (FSPs) to target interventions for improved value-added service provision.


A segmentation model was developed to identify groups of people who have similar needs, preferences and behaviours. The segmentation used livelihood (defined as an individual’s main source of income) as a starting point. A cluster analysis was run on individuals in each livelihood resulting in 16 distinct segments. Seven of the 16 segments were prioritised for a detailed investigation based on three criteria:

  • Segments appear to have unmet, or not fully met, financial needs.
  • Segments present a viable business case for Financial Services Providers (FSPs).
  • Segments can contribute to stated policy objectives, including the Big 4 agenda, and offer economic growth potential. In other words, segments that have potential to create employment, develop industries, enhance skills and increase government revenue.

Each of the seven priority segments were profiled in detail including an analysis of their financial needs and the mechanisms they are using to meet these needs.


Kenya has made significant strides in the past 10 to 15 years in financially including their population. However, the analysis of FinAccess 2019 data highlights that many basic financial needs remain unmet, or not fully met, by existing financial services. The survey also raises numerous questions about the financial needs of Kenyan’s that require further research.