The Price of Being Banked: A Study on Transparency and Cost of Leading Banking Services Sold in 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; and 3. To identify actionable recommendations to incentivize both private sector solutions as well as government policies aimed at increasing market transparency and affordability.