The Central Bank of Kenya (CBK) has called on Kenyans to share information on their financial needs including the financial services and products they require.
CBK made the announcement on Monday, July 15, indicating that the exercise will take place under a survey dubbed 2024 FinAccess Household Survey.
According to CBK, the exercise will allow the financial institution to understand the needs of Kenyans and make a decision on how to improve the services.
Furthermore, the statement noted that the survey will be done in collaboration with Kenya National Bureau of Statistics (KNBS) and Financial Sector Deepening Kenya (FSD Kenya) and other stakeholders.
Moreover, the survey is the 7th Financial Access Household Survey conducted by the institutions.
“The objectives of this survey are to measure and understand the financial needs of Kenyans, their use of financial services and products, and determine ways in which financial services can be improved to meet their needs,” the statement read in part.
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Details About the Survey and How to Participate
The CBK notice explained that the data collected is often used the both the private and public sector in the formulation of policies and developing an inclusive financial market.
Additionally, the Kamau Thugge led institution noted that the information will inform decisions made in the Kenya Vision 2030 Medium Term Plans.
“FinAccess data is widely used by both the public and private sectors to guide policy formulation as well as in developing and improving delivery channels and products, through building inclusive financial markets.
“The Survey findings have been used to inform policy formulation in the Kenya Vision 2030 Medium Term Plans,” stated CBK.
Additionally, the statement explained that information collected will be confidential and will not be published to the public.
Therefore, the National and County Governments, Ministries, Departments and Agencies, Non-Governmental Organizations and members of the public have been requested to accord survey personnel all the necessary support for successful implementation of the survey.
“The data will be collected by KNBS Research Assistants who will be wearing official identification badges. Information obtained from every respondent will be confidential and will not be published or divulged in any form to the Public.
“Previous FinAccess Household Surveys were conducted in 2006, 2009, 2013, 2016, 2018 and 2021,” explained CBK.
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CBK on Positive Financial Trend
In its weekly bulletin dated July 12, CBK maintained optimism on the economic stability of the country stating that the Kenya Shilling remained stable against major international and regional currencies, exchanging at Ksh128.98 to the US dollar.
It also noted that foreign exchange reserves were adequate at USD 7,896 million, meeting the CBK’s requirement of at least 4 months of import cover.
However, the money market remained liquid, with commercial banks’ excess reserves were at Ksh18.4 billion.
“Moreover, the Treasury bills auction was highly successful, with a performance of 137.3 percent. The Nairobi Securities Exchange saw an increase in key share price indices, while bond turnover declined by 24.7 percent.”
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