Working with FSD Kenya to create greater value through financial inclusion

We reviewed governance and programmes of Financial Sector Deepening Kenya (FSDK) during the strategy period 2016 to 2021. The review was conducted in two stages: through the governance review, the team assessed the effectiveness of FSDK’s governance body, the Programme Investment Committee (PIC), its structure, leadership, composition, and investment mechanisms. Key strengths, weaknesses, opportunities, and threats (SWOT) were determined and recommendations made to enhance overall programme governance.

The challenge

As FSDK was approaching the end of its 2016-2021 strategy period, they needed experts   to review the programme and governance arrangements in order to inform both planning and governance for their next strategy period.

Our approach

For the programme review, we assessed FSDK’s performance and progress towards achievement of objectives stated in the 2016 – 2021 strategy document. On the basis of SWOT analysis, we made recommendations to enhance future programming, particularly in the changed context of the Covid-19 pandemic. In order to arrive at recommendations, we undertook a document review and in-depth stakeholder interviews with PIC members, FSDK management and its stakeholders, as well as carried out a Most Significant Change (MSC) exercise.

Outcomes and wider impacts

Our recommendations on governance and programming were reviewed by the senior management and board and accepted. The recommendations have been informed next strategy period and will therefore be key to informing FSDK's work improving financial inclusion and real economy outcomes over the next five years. This should then contribute to FSDK’s aim to realise a vision of an inclusive financial system to support Kenya’s long-term goals for economic and social transformation development.

We would like to thank Sukhwinder Arora and Mbinya Mutiso for their work on the project as external consultants.

Photo by Imani Manyara on Unsplash