This paper examines the experience of inclusive banking experiments in South Africa and Kenya. The Kenyan example revolves around the development of mobile money through market led innovation alongside evolutions in the legislative and regulatory process. In South Africa a different approach was taken, with the development of the multi-sector Financial Sector Charter and a National Bank Account (‘Mzansi’) Hawkins
This report, led by the International Finance Corporation and the UNEP Inquiry into the Design of a Sustainable Financial System, aims to promote inclusive green investment in Kenya. It focuses on policy, structural, and investment innovations across the economy and financial sector that would increase capital flows that support sustainable development. It looks at the main
This report outlines key concerns and needs of developing countries in relation to green finance, particularly focusing on developing countries that are not members of the G20. It also highlights emerging innovations, drawing in particular from engagement with practitioners and regulators from Bangladesh, Colombia, Egypt, Honduras, Jordan, Kenya, Mauritius, Mongolia, Morocco, Nigeria, the Philippines, Thailand
Kenya is a dynamic emerging economy which serves as a hub for the East and Central African region. However its economic growth is highly natural resource dependent with agriculture and tourism representing nearly half of GDP, making the country highly vulnerable to climate change and other environmental and social impacts. For the financial sector, these risks also present potential investment opportunities. Kenya has a historic opportunity to create a competitive advantage based on an inclusive green growth strategy. It is also home to world renowned fintech innovations, such as MPesa, Mshware and Mkopa that have successfully demonstrated how the private sector, with support from an engaged and pragmatic regulator, can profitably provide solutions to pressing societal needs. Investment in the green and inclusive economy is at an early stage for banks, pension and insurance funds in Kenya, but with pockets of innovation and leadership, asset diversification and product innovation.