Kenya@60: How the microfinance movement has shaped the economy

Before the financial system in Kenya was formalised, the microfinance system had taken shape and was thriving through informal channels in the country.

While formal finance channels and regulators such as the Central Bank of Kenya (CBK) were created some years after Independence, Kenyans had become financially savvy largely through member-based entities such as savings and credit association cooperatives, rotating savings and credit associations and money lenders.