The Price of Being Banked: A Study on Transparency and Cost of Leading Banking Services Sold in Kenya

E. Totolo, F. Gwer and J. Odero | FSD Kenya

This report outlines the findings from a two-year study to understand the costs of banking services in Kenya. Two rounds of mystery shopping surveys were completed in 2015 and 2016 to build a database and measure the costs for basic bundles of transactions such as opening, running and closing bank accounts. The report has three objectives: 1- To assess price transparency - how easy it is for a bank customer to obtain information on bank fees, charges, and available products?; 2- To develop affordability indicators that measure the cost of basic bank transactions such as opening and closing bank accounts, withdrawing and transferring money; 3- To identify actionable recommendations to incentivize both private sector solutions as well as government policies aimed at increasing market transparency and affordability.

Kenya, Access to Finance, Banking
Year of publication:
External Document: