Lower costs of opening and operating a bank account will be the main drivers of customers to banks operating in Kenya and other African countries in the next four years, consultants at McKinsey & Company say, citing low income levels of households.
Findings of a survey of 2,500 bank customers in Africa conducted earlier in the year show that banks which invest in low-priced products, which can be accessed at a nearby branch or agent are likely to control the lion’s share of customers until 2022.
