New WSBI report on youth financial inclusion in Kenya
WSBI in collaboration with Kenya Post Office Savings Bank (KPOSB) has carried out a study within the programme: ‘Working with savings banks in order to double the number of savings accounts in the hands of the poor’. The study carries out a quantitative and qualitative analysis of why 75% of the current 80,000 youth savings accounts held by KPOSB are inactive or have gone inactive or dormant and many have not received deposits after the original opening deposit.
The qualitative aspect concluded that there was a need for increased autonomy, group accounts, redefining legal structures and increased trust between Postbank, youth, trustees or parents, and the community. The research concluded that the role of youth in household finances was rarely recognized and that more research needs to be done to indicate how finances move between members within the household and the role of youth and young adults in financial management and decision-making.
To tackle the issues mentioned above, a range of different solutions such as marketing efforts, working with sales executives for support, reinterpreting legal structures for autonomy and testing mobile-enabled platforms for family group accounts have been proposed based on a co-creation process between youth and KPOSB staff.
To read the full study click here