Skip navigation

Financial capability in Kenya

Richard Williams

Richard Williams

This project has provided key evidence around financial literacy training in Kenya. We conducted, together with Marketworx Africa (MWA), an independent final evaluation of the Financial Knowledge for Africa (FiKA) – the Equity Group Foundation’s three-year training programme aimed at improving the financial capability of 619,500 women and young people in Kenya. The team used a mixed-methods approach to develop and test a theory of change (ToC) from both primary and secondary research, including literature reviews and stakeholder interviews. The team designed and implemented a quantitative survey of over 800 programme participants complemented by Key Informant Interviews and Focus Group Discussions to support data triangulation and provide in-depth insights. Summary cost -benefit analysis was also conducted to measure programme performance and value-for-money. Analysis was framed around international evaluation criteria including: efficiency, relevance, effectiveness, impact, attribution, sustainability and replicability. By highlighting the challenges, opportunities and lessons learnt from the programme, our study will help inform future potential programming decisions as well as the broader approaches to financial inclusion.


Recent years have seen greater financial inclusion in Kenya with more people than ever before gaining access to formal financial services. However, improved access is not necessarily translating into improved livelihoods as financial capability fails to keep pace with these advances.

The Equity Group Foundation’s Financial Knowledge for Africa (FiKA) programme aims to address this gap by providing financial literacy training to more than 619,500 Kenyans. The aim of the programme is to enable women and young people across the country to earn, spend, save, borrow and access formal financial services more effectively.

This project was established to provide an independent evaluation of the programme, gathering evidence on its performance to date – including its impact on financial capability - to help inform future programming decisions.

Our approach

A team of experts completed an independent assessment of the FiKA programme based around the international evaluation criteria of relevance, efficiency, effectiveness, impact, sustainability and replicability.

The team developed a ToC for the programme based on both extensive literature reviews and primary research with key stakeholders. A comprehensive mixed-methods research strategy –including a quantitative survey complemented by key informant interviews and focus group discussions – was designed and implemented to test this ToC at the output, outcome and impact levels.

This mixed-methods approach helped to ensure robust triangulation of data and validation of findings in the absence of a longitudinal dataset or control groups. In addition, the team conducted cost-benefit analyses based on documentation and interviews with programme staff.

Specific activities undertaken included:

  • Conducting extensive literature and documentation reviews and developing a Theory of Change identifying programme outputs, outcomes and impacts
  • Designing a mixed-methods research strategy including a quantitative survey questionnaire (incorporating Financial Capability Index indicators), key informant interviews and focus group discussions
  • Developing a sampling strategy covering four of Kenya’s seven geo-political regions (Western, Central, Nairobi and Coast) and surveying over 800 programme participants
  • Conducting focus group discussion and key informant interviews with stakeholders including FiKA trainers, Equity Bank branch managers and village leaders
  • Carrying out cost- benefit analyses


This project has provided crucial insights into the FIKA programme, its achievements and challenges as well as its impact on participants to date. Our evaluation has highlighted key lessons learnt and identified opportunities for leveraging positive programme impacts. In turn, this evidence will help inform future potential programming decisions, strengthening Equity Group Foundation’s ability to provide effective financial capability training to those who need it most.

Over the longer-term, by empowering participants to better manage their finances, this training should help reduce indebtedness, improve cushioning against shocks and ultimately, support improved and sustainable livelihoods for even more people across Kenya.

The findings from this final evaluation will also contribute to the growing international evidence base around the role of financial education in supporting meaningful financial inclusion for low-income families.