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1 A project of FSD Kenya, 2014 A project of FSD Kenya, 2014
Kenya Financial Diaries
Project Making Ends Meet in the Land of
M-PESA & Branchless Banking
Julie Zollmann
September 2014
2 A project of FSD Kenya, 2014
3 A project of FSD Kenya, 2014 3 A project of FSD Kenya, 2014
Today’s Agenda
1 • Background & Methods
2 • Livelihoods
3 • Financial Tools
4 • Social Networks
5 • Going Digital
6 • Applying Insights
4 A project of FSD Kenya, 2014 4 A project of FSD Kenya, 2014
A few opening clarifications
• Chama: Savings group, generally of two forms—rotating (ROSCA) or accumulating (ASCA)
• Resources Received, or “RR”: Contributions and remittances from friends and relatives
• US$ 1≈ KSh 85
1 Background & Methods
6 A project of FSD Kenya, 2014 6 A project of FSD Kenya, 2014
Why Diaries? New insights into money management and
financial service needs
Large, one-time surveys
Financial Diaries
Small-scale qualitative studies
Complementary
methodology
Systematic
&
Deep
Enables deeper triangulation
Ex: FinAccess Ex: Financial Landscapes
7 A project of FSD Kenya, 2014 7 A project of FSD Kenya, 2014
Sample selected to include
diverse households in different
livelihoods zones.
Kenya Financial Diaries Sites
Eldoret Vihiga
Makueni
Nairobi
Mombasa
Aim=300 Households
(Ended with 298)
Equally distributed across the five areas
Urban
Rural
31%
69%
32%
68%
Diaries Census
8 A project of FSD Kenya, 2014 8 A project of FSD Kenya, 2014
At the core of methodology is
capturing “cash flows,” in
Kenya, at transaction level.
3000
(100) (30) (20) (30) (35) (20) (20) (20) (10) (20) (100)
(400)
(1000)
(500)
0
500
1000
1500
2000
2500
3000
3500
Transactions for One Day, Business Owner in Vihiga
Income—
business revenues & expenses
Expenditures on household food, gas,
groceries, mobile credit/airtime, "kitu kidogo"
Financial Flows--
Payments to chamas
500,000 transactions in the
database
US$ 847,000 in financial
flows
9 A project of FSD Kenya, 2014 A project of FSD Kenya, 2014
2 Livelihoods: Diverse & Volatile
10 A project of FSD Kenya, 2014 10 A project of FSD Kenya, 2014
We had an explicit focus on
the low-income segment.
$5 per day line$2 per day line
01
02
03
04
0
Pe
rcen
t
0 5000 10000 15000 20000av_adj_mo_cons_pc
Per Capita Household Monthly Consumpton
72%
95%
Average Per Capita Monthly Consumption
Median Monthly Household
Income: KSh 7,120 ($84) Median Monthly Per Capita Income:
KSh 2,167 ($25.50)
11 A project of FSD Kenya, 2014 11 A project of FSD Kenya, 2014
1% 8%
27% 2%
1%
16%
20% 18%
8% 25%
17%
30% 27%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
At Screening Actual Cash Flows
Distribution of households' main income source (%)
Self-employment
Casual
Agriculture
Regular
Other
Resources Received (RR)
Non-employment
We sampled for diversity in main
income source. Respondents under estimate
reliance on RR and overestimate agriculture.
12 A project of FSD Kenya, 2014 12 A project of FSD Kenya, 2014
01
02
03
0
Pe
rcen
t
0 5 10 15 20 25income_count_worr
But, most households have
MANY income sources.
05
10
15
Perc
en
t
0 10 20 30 40 50income_count
Median=10 Median=5
Total Income Source Count Income Source Count, Without RR
South Africa Comparison Median = 4
South Africa Comparison Median = 3
13 A project of FSD Kenya, 2014 13 A project of FSD Kenya, 2014
Example, Mary’s Household
• Lives with husband and 4 children (ages 5-19) in Mombasa;
• 15 Income sources for household: – 8 resources received, mostly in
kind
– 3 casual jobs for Mary and husband: winnowing beans, construction labour, building contracts
– One business—fried potatoes (“bhajia”)
– 2 charity resources: hospital, children’s fund
– Campaign contributions
For example, consider
“Mary’s” household.
14 A project of FSD Kenya, 2014 14 A project of FSD Kenya, 2014
That can mean, that income is a
constant patchwork of sources,
like it is for George’s family.
0
5000
10000
15000
20000
25000
30000
Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13
George's Monthly Household Income (KSh) Temporary--Veterinary officer
Temporary work--Contracts forconstructionSelf-employment--Carpentry
Resources Received (6 sources)
Other--campaign gifts
Other--Research gifts
Agriculture--Tea
Agriculture--Milk
Agriculture--Beans
Agriculture--Maize
Agriculture--Vegetables
15 A project of FSD Kenya, 2014 15 A project of FSD Kenya, 2014
Or that livelihoods strategies
are frequently shifting.
0
2000
4000
6000
8000
10000
12000
14000
16000
Au
g-1
2
Sep
-12
Oct
-12
No
v-1
2
Dec
-12
Jan
-13
Feb
-13
Mar
-13
Ap
r-1
3
May
-13
Jun
-13
Jul-
13
Au
g-1
3
Sep
-13
Oct
-13
Jennifer's Monthly Household Income (KSh) Other--Research gifts
Resource Received--FormerMother-in-LawResource Received--Friend
Resource Received--Boyfriend
Resource Received--Friend
Other/RR--Prostitution
Casual-Barmaid
Casual--Canteen Attendant
Casual-Washing
Self-employment--Chapati
16 A project of FSD Kenya, 2014 16 A project of FSD Kenya, 2014
We quantify volatility into %
monthly fluctuation.
0
2000
4000
6000
8000
10000
12000
14000
16000
Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13
Jennifer's Monthly Household Income (KSh)
=(𝑆𝑡𝑎𝑛𝑑𝑎𝑟𝑑 𝐷𝑒𝑣𝑖𝑎𝑡𝑖𝑜𝑛)/𝑀𝑒𝑎𝑛
17 A project of FSD Kenya, 2014 17 A project of FSD Kenya, 2014
Income fluctuates dramatically
from month to month.
55% 54%
64%
54%
0%
10%
20%
30%
40%
50%
60%
70%
Rural Urban
Median Income Volatility (%)
Total Income
Income withoutResources Received
18 A project of FSD Kenya, 2014 18 A project of FSD Kenya, 2014
Consumption also fluctuates
dramatically from month to
month.
54%
42% 45%
42%
0%
10%
20%
30%
40%
50%
60%
70%
Rural Urban
Median Consumption Volatility (%)
ConsumptionExpenditure Volatility
Consumption Volatility--Incorporating HomeProduction
19 A project of FSD Kenya, 2014 19 A project of FSD Kenya, 2014
Food is a major piece of the
expenditure budget.
Food 48%
Housing 8%
Education 11%
Energy 4%
Communications 2%
Water 1%
Transport 5%
Household items/ cleaning
supplies 2%
Other needs 19%
Median Share of Consumption (%)
20 A project of FSD Kenya, 2014 A project of FSD Kenya, 2014
3
Financial Tools for Liquidity & Investment
21 A project of FSD Kenya, 2014 21 A project of FSD Kenya, 2014
When your budget is tight and you
face volatility, lots of energy goes
to creating budget elasticity.
What you might be able to raise from social network
≈15% at median, but for some can reach ≈500%+
Minimum Budget
Extra depending
on ≈54%
income fluctuation
Possible credit ≈53% at
median, up to 200%+
Liq
uid
sav
ings
≈1
2%
at
med
ian
Somewhat secure stretch stretch
22 A project of FSD Kenya, 2014 22 A project of FSD Kenya, 2014
But, also need to generate
funds for investment.
23 A project of FSD Kenya, 2014 23 A project of FSD Kenya, 2014
Living on little money makes most
more active money managers. Different devices do different financial jobs
and help meet different liquidity needs.
Patrick Jua kali artisan worker in Nairobi
who supports three sons with him and wife and kids upcountry
Median HH=14 devices
24 A project of FSD Kenya, 2014 24 A project of FSD Kenya, 2014
-12000
-10000
-8000
-6000
-4000
-2000
0
2000
4000
6000
8000
Patrick's Daily Financial Flows (KSh)
Those financial devices are
used very actively.
Inflows—Withdrawals, New Loans, Payouts, Payments
from Clients
Outflows—Deposits, Loan payments
Median Total Flows Per HH (entire year):
KSh 88,307 ($1039)
25 A project of FSD Kenya, 2014 25 A project of FSD Kenya, 2014
While most value is held in physical
assets, we do not observe “saving” in
sellable assets.
225,750 ($2656)
2,425 ($29)
8,700 ($102)
Median Physical vs. Financial Assets (KSh)
Physical Assets--Illiquid
Physical Assets--Liquid
Financial Assets
Property (land/homes) accounts for 65% physical asset value at median.
The action is in financial devices.
26 A project of FSD Kenya, 2014 26 A project of FSD Kenya, 2014
Low income Kenyans are
serious savers.
8,700
3,288
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Financial Assets--Median ClosingBalance
Financial Liabilities--Median ClosingBalance
Median Closing Balances Financial Assets & Liabilities (KSh)
39 days’ income
16 days’ income
27 A project of FSD Kenya, 2014 27 A project of FSD Kenya, 2014
Especially compared to low income
people in other emerging markets. But high saving among poor can be consequence of
volatility, not always indicator of wealth accumulation.
Based on target markets below poverty line in each market and Diaries sample as whole. www.gafis.net
1 0 0
17 12
38 39
05
1015202530354045
SouthAfrica
Mexico India,Remittance
Senders
India,RemittanceReceivers
Colombia Kenya,GAFIS
Kenya,Diaries
Median Days of Saving Among Poor (Source: GAFIS Surveys Collected by BFA, 2011)
28 A project of FSD Kenya, 2014 28 A project of FSD Kenya, 2014
Most financial asset value is
kept in informal devices.
Formal 9%
Informal 91%
Share of Financial Assets that are Formal, Median
29 A project of FSD Kenya, 2014 29 A project of FSD Kenya, 2014
But money not
immediately on hand.
Liquid 10%
Illiquid 90%
Share of Financial Assets that are Liquid, Median Strategy of
channeling savings to less accessible vehicles=
Intentional Enables investment via assets.
30 A project of FSD Kenya, 2014 30 A project of FSD Kenya, 2014
Money should be WORKING! Ex. Collins, Nairobi businessman
Assets Value Active? Restricted Savings Account 1,200 No Mobile Money 1,230 No Savings Account– Bank 12,670 Enables loan Savings Account—SACCO 12,000 Enables loan M-SHWARI 1,450 Enables loan ASCA #1: Firewood Group 65,600 Enables loan, provides capital to members ASCA #2: Glory Group 31,000 Enables loan, provides capital to members ASCA #3: Twendane Hai 36,000 Enables loan, provides capital to members ASCA #4: Karimu 6,750 Enables loan, provides capital to members ASCA #5: Wamama (Women’s Group) 3,000 Enables loan, provides capital to members Shares in Muramati 5,200 Enables loans Stocks in Kengen 200 Seen as investment, earning returns Stocks in Safaricom 1,700 Seen as investment, earning returns Wage & rental arrears owed to him 1,250 Owed back to him, while helping others Lending to family and friends 15,000 Owed back to him, while helping others Credit given to clients 2,870 Owed back to him, while helping others
Liquid money 2,430 Illiquid, working money 194,690
Liquid, but not working
(US$29)
(US$2,290)
31 A project of FSD Kenya, 2014 31 A project of FSD Kenya, 2014
The result, is that—even when
people save—money is not always
available when it’s really needed.
38%
57%
25%
0%
10%
20%
30%
40%
50%
60%
Foregone medical care Child sent from school Hunger
Share of households that experienced at least once during study
32 A project of FSD Kenya, 2014 32 A project of FSD Kenya, 2014
And barriers to things like medical
treatment can be really small!
$0.82 • Christine paid for consultation, but did not have $0.82
for medication.
$0.59 • Two children were sent from school lacking an exam fee
of $0.59 each.
$0.59
• There was no money for food. A customer came late at night to buy tomatoes for $0.59, but the shops where they could buy unga were already closed.
33 A project of FSD Kenya, 2014 33 A project of FSD Kenya, 2014
While at the same time, investment
comes slowly through chamas. Loans
with appropriate sizes and terms may not be available or
feel too risky for investment.
Generates $2.35 per day Repair of $388
3 month delay in repairs
34 A project of FSD Kenya, 2014 34 A project of FSD Kenya, 2014
Large sources of liquidity are not
available to most from savings.
600
1,500
290
600
1,525
5,000
Mobile money
Saving in a ROSCA
Saving in the house
Friends and family lending
Saving in an ASCA
Checking or current account
Median Withdrawal Value (KSh)
Most used FINANCIAL ASSETS
($7.06)
($3.41)
($7.06)
($58.82)
($17.65)
($17.94)
35 A project of FSD Kenya, 2014 35 A project of FSD Kenya, 2014
And borrowing is more for
smoothing than investing.
500
30
1,000
2,000
18
500
Borrowing from friends and family
Credit at the shop
Arrears payable (rent, school fees)
Borrowing from a chama
Okoa Jahazi (airtime credit)
Acting as money guard
Median New Borrowing Value (KSh)
Most used FINANCIAL LIABILITIES
($5.88)
($0.35)
($11.76)
($23.53)
($5.88)
($0.21)
36 A project of FSD Kenya, 2014 36 A project of FSD Kenya, 2014
Staying stable is bad. The goal is to “develop.” Fewer than half feel they are on that trajectory.
46% 41%
13%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Total
How has your economic situation changed over the past 5 years (%)
Better
Worse
No change
37 A project of FSD Kenya, 2014 37 A project of FSD Kenya, 2014
Serious Tradeoffs Between Two
Important Financial Management
Jobs.
Short-term Liquidity
Longer-term Investment
Falling Short on
Both
38 A project of FSD Kenya, 2014 A project of FSD Kenya, 2014
4 Social Networks: Filling a Gap
39 A project of FSD Kenya, 2014 39 A project of FSD Kenya, 2014
The social network fills an
important gap, particularly in
coping with risk.
53%
60%
32% 35%
31% 31%
0%
10%
20%
30%
40%
50%
60%
70%
Health Need Destruction ofhome/land
Divorce orSeparation
Most Important Coping Mechanism for Top Shocks (%)
Resources Received (RR)
Borrowing from Friends &Family
Working More
40 A project of FSD Kenya, 2014 40 A project of FSD Kenya, 2014
Social network can provide more
financing than savings/borrowing alone.
-10000
0
10000
20000
30000
40000
50000
60000
70000
80000
Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13
Breakdown of composition of George's income
Business income Agriculture Income Resources Received Casual income
Wife sick Wife dies
Waiting for surgery
41 A project of FSD Kenya, 2014 41 A project of FSD Kenya, 2014
But, it can fall short.
Support from the social network is HUGELY important for dealing with vulnerability.
42 A project of FSD Kenya, 2014 42 A project of FSD Kenya, 2014
• Isaac is fisherman in
coast.
• Wife needed $270 to
remove tumor.
• While resting and
“looking for money”,
wife saw healer, who
charged $212, but
accepted the $70 only
from Isaac’s sold phone.
• She died a few days later
• Immediately after,
FLOODED with
contributions worth
$388 & more later
1. Network doesn’t always
come through on time.
SOURCES OF FUNDS
$59 Borrowed from brother in law
In Kind ($60)
Goat borrowed from neighbor
$270 Contributions from family and friends
$470 Another 40,000 received from friends and family for Tsunza, 40 days after death
The social network worked, but imperfectly.
43 A project of FSD Kenya, 2014 43 A project of FSD Kenya, 2014
2. Social networks are
exclusive.
• Though main source of income for 27%...
– 11% of households receive nothing
– For 30% of households, RR very small (<5% of income)
• Fewer than ½ of men receive RR
44 A project of FSD Kenya, 2014 44 A project of FSD Kenya, 2014
Net Givers Net Receivers
Av. HH monthly income per capita $116 $53
Share of income received from others 3% 33%
Share of income given to others 11% 3%
Percent <$2/day 49% 72%
3. Giving can take a toll on the
upwardly mobile/slightly better off.
• 23% of respondent households were net givers. • RR relationships appear somewhat redistributive. • Net givers are better off than net receivers, but not rich.
45 A project of FSD Kenya, 2014 45 A project of FSD Kenya, 2014
William’s savings wiped out by helping
brother’s child. • William’s brother put him through
college as electrician;
• He saved Ksh 68,000 ($800) in one year attachment.
• When brother’s child fell in hot mandazi oil, incurred bill of Ksh 180,000 ($2,118). – William withdrew his entire savings
and handed it over to his brother.
• Now, William survives on patchy contracts, lives with roommates who are not always a great influence, somewhat stagnant. – $800 might have given a cushion or
helped him set up a stabilizing business.
46 A project of FSD Kenya, 2014 46 A project of FSD Kenya, 2014
4. Some needs require even
larger pool of risk sharing.
• Robert, 4, has heart defect,
KSh 500,000+ ($5,880) for surgery.
• Entire household earns
≈KSh 5000 ($59) per month. • Already held a harambee to
raise money for his treatment.
Totaled KSh 15,000 ($176),
which only gave diagnosis. • Medical care accounted for
25% of their total spending in
the study.
47 A project of FSD Kenya, 2014 47 A project of FSD Kenya, 2014
Formal offerings can be helpful
tools.
Buying Home
Saving $176 slowly, privately, accessibly
Borrowing for Medical
Borrowing $118 privately to cover embarrassing health need
48 A project of FSD Kenya, 2014 48 A project of FSD Kenya, 2014
But, formal devices not preferred
for many needs. Why? 1. “I don’t have enough money to save.”
Median Monthly Individual Income of Banked
Median Monthly Individual Income of Unbanked
$77 $25 63% of Unbanked in FinAccess say it’s because they don’t have enough money to bank.
400
1500
1500
5000
Median Closing Balance
Median Withdrawal ValueCurrent Account
ROSCA
($59)
($18)
($18) ($5)
49 A project of FSD Kenya, 2014 49 A project of FSD Kenya, 2014
2. Reliability in formal falls
short of expectations.
• 7% of bank users lost money
in the last 10 years
– Ex: ATM does not dispense, but
still deducted (lost $24)
– Ex: Unexplained withdrawals of
Ksh 10,000-11,000 (≈$120)
– Don’t understand problem
– No recourse
– Advantage of bank supposed
to be reliability, trust with big
money “In the bank you do not have a right to explain your views or grievances. But in the chama, it is a free world.”
50 A project of FSD Kenya, 2014 50 A project of FSD Kenya, 2014
There is a higher tolerance for
losses in informal products, where
the value proposition is different.
• 29% of ROSCA users lost money in the last 10 years – Members pay
late/default
– But, default works both ways
– Advantage of ROSCA is supposed to be flexibility, regularity, build a sum
“I dislike when it’s my turn and people have defaulted. But, I have also defaulted so many times!”
51 A project of FSD Kenya, 2014 51 A project of FSD Kenya, 2014
3. Informal also offer feeling that
money is working, flexibility, and
negotiability.
52 A project of FSD Kenya, 2014 A project of FSD Kenya, 2014
5 Going Digital
53 A project of FSD Kenya, 2014 53 A project of FSD Kenya, 2014
M-PESA is very far reaching… 90% of Diaries households; 53% adults
62% of adults nationwide (FinAccess)
Median personal monthly income among users is just $57/month (compared to $24 per month across sample, among those 18+)
54 A project of FSD Kenya, 2014 54 A project of FSD Kenya, 2014
…and has taken bite out of
distance RR flows.
15%
32%
2% 4%
55% 59%
43%
24%
48%
29% 26%
19%
42% 44%
50%
67%
19% 21%
0%
10%
20%
30%
40%
50%
60%
70%
By volume By Value By volume By Value By volume By Value
Overall Within community Outside community
Resources Received Transactions, including in kind receipts (%)
Electronic
In kind
Paper
WOW!
55 A project of FSD Kenya, 2014 55 A project of FSD Kenya, 2014
Bites in other areas of exchange
are really just nibbles.
94% 89%
6% 17%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
By Volume By Value
Share of INCOME Transactions that Are Electronic vs. Cash (%), Kenya
electronic
paper
By Volume By Value
paper 95.9% 94.9%
in kind 0.3% 0.4%
electronic 0.7% 2.2%
credit 3.2% 2.5%
3.2% 2.5% 2.2%
95.9% 94.9%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
EXPENDITURE transactions by mode (%), Kenya
paper
in kind
electronic
credit
56 A project of FSD Kenya, 2014 56 A project of FSD Kenya, 2014
Those expenditures are a tough
nut to crack, particularly with low
transaction sizes.
30
20
50
40
0
10
20
30
40
50
60
credit electronic in kind paper
Median transaction size by mode (Ksh), Kenya Airtime accounts for
86% of e-purchases. E-purchases of
airtime account for only 8% of airtime
purchases.
($0.35)
($0.24)
($0.59)
($0.47)
57 A project of FSD Kenya, 2014 57 A project of FSD Kenya, 2014
Agency banking is inviting smaller
transactions in the formal banking
system.
0
2000
4000
6000
8000
10000
12000
14000
16000
AVG DEBIT MED DEBIT AVG CREDIT MED CREDIT
Transaction value of banking transactions by channel (Ksh)
01=Bank, MFI, SA
02=ATM
03=Agent's place
04=Mobile phone
58 A project of FSD Kenya, 2014 58 A project of FSD Kenya, 2014
But, most transactions are still at
the branch among ordinary folks.
43%
1%
42%
49%
9%
19%
3%
9%
2% 3% 0%
17%
0%
10%
20%
30%
40%
50%
60%
Percent of DEBITS Percent of CREDITS
Share of banking transactions by channel in actual Diaries data (%)
ATM
Branch
Agent
Direct Deposit/Deduction
At home/mobile
Group Meeting
59 A project of FSD Kenya, 2014 59 A project of FSD Kenya, 2014
Instead of widespread use, have smaller number of
heavy users. Significant share of clients with access
remain unconvinced of value.
60 A project of FSD Kenya, 2014 60 A project of FSD Kenya, 2014
Digital platforms are creating
space for possibilities…
61 A project of FSD Kenya, 2014 61 A project of FSD Kenya, 2014
But, digital attributes alone
are not inherently helpful.
60%
70%
15%
71% 71%
7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
% Wanted Now--Beginning of Interview
% Wanted Now--End ofInterview
% Changed Mind
Share of respondents who chose not to save at the beginning, end, and those who changed their minds (%)
M-PESA Group
Cash Group
62 A project of FSD Kenya, 2014 62 A project of FSD Kenya, 2014
Big Question for Financial Inclusion: What is the sun in our solar system?
63 A project of FSD Kenya, 2014 A project of FSD Kenya, 2014
6 Applying Insights
64 A project of FSD Kenya, 2014 64 A project of FSD Kenya, 2014
PROVIDERS: Value proposition
needs to be both competitive &
compelling. Features • “Working” savings • Flexible borrowing • Clear & reliable services • Negotiability • Recourse
Product Directions:
• Reinforce & complement
social network
• Facilitate informal
• Gap on larger sized saving &
borrowing ≈KSh 10,000
($118)+
65 A project of FSD Kenya, 2014 65 A project of FSD Kenya, 2014
Provider engagements:
1) Topic X 2) Provider Y
Example: Can a low income family—with appropriate
financing—afford to connect to the electricity grid?
4760
1762
0 1000 2000 3000 4000 5000
Have electricity
Don't have electricity
Median Total Energy Spending (project), KSh
1.9%
0.5%
3.1% 3.2%
0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%
With Electricity WithoutElectricity
Median Share on Electricity
Median Share on Other Energy
($20.73)
($56.00)
66 A project of FSD Kenya, 2014 66 A project of FSD Kenya, 2014
Upcoming publications
– Payments
– Savings Groups
– Risk
– CGAP brief on M-
Shwari
– Capacities to Aspire
(Dr. Susan Johnson)
67 A project of FSD Kenya, 2014
68 A project of FSD Kenya, 2014 68 A project of FSD Kenya, 2014
Can you help fix Robert’s heart? Fliers available with link to new Kenyan
crowdsourcing site.
69 A project of FSD Kenya, 2014 69 A project of FSD Kenya, 2014
Payment options
Visit Website: https://secure.changa.co.ke/myweb/share/3031