The Horn Economic and Social Policy Instute

The extent of recovery in the region largely depends on the level of external support provided to the economies in the form of debt service relief. [...] Four dimensions are thus critical: diversity and appropriateness of the financial products, their accessibility (with ease and less cost6) and safety to the consumer, as well as commercial sustainability and viability of the products to the financial services providers. [...] The benefits of digital finance accrue not only to the service users (both individuals and businesses) but also to providers of the service, the government and the economy. [...] Among the notable global initiatives to promote financial inclusion are: the commitment by the G20 in the 2009 Pittsburgh Summit to improve access to financial services by the poor (leading to the creation of the Financial Experts Group to expand access to finance for household consumers and MSMEs); endorsement of the Financial Inclusion Action Pan at the 2010 Korea Summit (leading to the creation. [...] In response to the increasing calls for financial inclusion by the international community and the need to implement the Vision 2030, Kenya passed the Finance Act 2009 which permitted the use of agent banks and other cost effective channels of financial services (Nyasha and Odhiambo 2012:91).