Kenya's Financial Inclusion: Traditional Banking Outperforms Stablecoins

Financial inclusion has improved in low- and middle-income countries, with account ownership rising from 42% in 2011 to 75% today, largely due to the rise of mobile money models. Despite this progress, 1.3 billion adults remain excluded from the formal financial system. Reports argue that while stablecoins are promoted, traditional accounts linked to instant payment systems are superior for domestic payments because they can be accessed via basic phones, unlike stablecoins which require smartphones and internet access.

The findings indicate that low adoption of digital currencies is occurring in Kenya and China. The success of mobile money models in Kenya demonstrates the value of accessible, low-tech financial infrastructure. This highlights a persistent gap between technological hype and practical financial inclusion needs in developing economies.