The use of Financial Literacy Delivery Channels to Enhance Usage of Monetary Products and Services for Financial Inclusion: Case of Commercial Banks in Kenya.
The focus on financial inclusion in developing nations such as Kenya has become more pressing in recent years. Its part in the economic success of these countries is without question. Financial inclusion entails the availability, accessibility, and usage of financial services. Data from the FinAccess report on Kenya revealed a high level of availability and accessibility but usage of financial services remains low despite its importance for inclusion. This lack of utilization has been linked to low levels of financial literacy. In Kenya, the number of people without the knowledge to use financial services is still increasing. This paper seeks to examine the financial literacy delivery channels utilized by full-service banks or commercial banks to promote financial inclusion in Kenya. The theoretical basis of this paper includes the resource-based theory, diffusion of innovation, motivation-need theory, prospect theory, and institutional theory. A descriptive approach was taken with positivism being the research philosophy. Primary data was gathered and a semi-structured questionnaire was distributed to 384 respondents from 11 counties, chosen from a target population of 10,717 management employees at commercial banks. Measures of dispersion, multivariate regression, and bivariate correlation were used to analyze the data. The results showed that the use of financial education partnership and financial advisory services in the promotion of financial inclusion was low.
Keywords: Financial Literacy Delivery Channels, Banks, Financial Inclusion, Kenya