More Kenyans rely on ICT for financial services

Tuesday, December 5th, 2023 06:40 | By
Digital natives must stand out and be counted in 4IR
Digital technologies. PHOTO/Pexels

An estimated six out of every 10 Kenyans rely on Internet and technology to make their savings and investment decisions, a study by Emwealth Financial Services shows.

The eighth edition of Enwealth Conversations: The Role of Technology in Savings and Investments in Kenya report, says 64 per cent of the respondents reported having benefited from broadened choices of financial products tailored to their needs, 87 per cent experienced positive peer pressure to save and invest, while all respondents acknowledged the ease of accessing information and making transactions online.

Mobile money, banking and pension were the leading sectors in terms of digital accessibility, indicating a positive shift from previous years where mobile loan apps were the most accessed financial service digitally with a sharp rise during the Covid-19 pandemic period.

Nearly 49 per cent of those surveyed found saving through mobile apps very convenient, while 27 per cent expressed satisfaction with saving through USSD codes unlike manual transactions that were the least convenient.

Emwealth Financial Services Managing Director Simon Wafubwa said this growing reliance on digital platforms reflects an increasing trust in obtaining financial insights online.

Wafubwa said widespread availability of smartphones and increased internet penetration have created new opportunities for individuals to manage their finances more efficiently.

“Technology is rapidly becoming integral to our daily lives. Despite the information overload, the majority of Kenyans have cleverly learned to sift through and consume what truly benefits them,” Wafubwa said.
According to the study, 51 per cent of respondents expressed a high comfort level in

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