Digital Consumer Insights from Google Kenya’s Finance Summit for Banking, Financial Services, & Insurance (BFSI) Sectors In Kenya.

  • The finance sector in Kenya led in mobile app downloads with 49M downloads in the last 6 months (up by 16%)
  • Social apps had 41M downloads (up by 15%),
  • Tools apps had 35M downloads.
  • Entertainment apps had 28M downloads.
  • Photo and video apps had 15M downloads.
  • Kids & Family apps had 10M downloads.
  • Sports apps had 9M downloads.
  • Productivity apps had 9M downloads
  • Mobile banking and payments — 36%.
  • Current and saving account — 20%.
  • Heath and Insurance — 14.6%.
  • Credit Cards and loans — 9.7%.
  • Motor Insurance — 9.5%.
  • Investments (bonds, stocks, etc) — 8.6%.
  • 60.3% use mobile money or Safaricom’s M-Pesa to access financial services.
  • 38.7% use mobile banking apps.
  • 25.8% use internet banking.
  • 19.3% use USSD / short code banking.
  • 15.6% use physical bank branches
  • 7.1% use WhatsApp-based banking services
  • 22.8% choose a digital financial services provider on the basis of the ability to open an account.
  • 11.6% choose a digital financial services provider on the basis of having access to credit or debit cards.
  • 23.9% choose a digital financial services provider on the basis of being able to access international money transfers.
  • 30.7% choose a digital financial services provider on the basis of being able to access local money transfers.
  • 40% choose a digital financial services provider on the basis of being able to access payments.
  • 24.8% choose a digital financial services provider on the basis of being able to access customer support.
  • International money transfers are most popular with freelancers whilst debit/credit card requests are most popular with employed Kenyans.
  • 27.6% of survey respondents indicated that convenience is a major factor when choosing a mobile or internet banking service.
  • 20.1% of survey respondents chose their internet or mobile banking service or the basis of the brand reputation and trust of the service provider.
  • 19% of survey respondents chose their internet or mobile banking service on the basis of better benefits or advantages of their service offerings.
  • 18.6% of survey respondents chose their internet or mobile banking service on the basis of lower prices or charges to use the services.
  • 14.5% of survey respondents chose their internet or mobile banking service on the basis of having a good user experience (UX).
  • 35.2% of the survey respondents considered themselves to be very loyal to their financial services provider.
  • 30.9% of the survey respondents considered themselves to be somewhat loyal to their financial services provider.
  • 14.7% of the survey respondents considered themselves to be neither loyal nor disloyal to their financial services provider.
  • 8% of the survey respondents considered themselves to be somewhat not loyal to their financial services provider.
  • 3.7% of the survey respondents considered themselves to be not loyal at all to their financial service provider.
  • 7.6% of the survey respondents couldn’t say what they thought of their financial services provider.
  • 20.6% of survey respondents said that pricing and discounts were factors that led them to reuse their preferred financial services mobile app.
  • 18.5% of survey respondents said that brand loyalty was a factor that led them to reuse their preferred financial services mobile app.
  • 37.4% of survey respondents said that seamless experience led them to reuse their preferred financial services mobile app.
  • 11.1% of survey respondents said that push notifications led them to reuse their preferred financial services mobile app.
  • 4.3% of survey respondents said that ads within the mobile app led them to reuse their preferred financial services mobile app.
  • 8.2% of survey respondents said that digital ads on Google and YouTube led them to reuse their preferred financial services mobile app.
  • 31.7% of survey respondents discovered their most recently downloaded financial services products or services through Google Search.
  • 16.2% of survey respondents discovered their most recently downloaded financial services products or services through Word of Mouth (WoM)
  • 16% of survey respondents discovered their most recently downloaded financial services products or services through friends and family.
  • 15.8% of survey respondents discovered their most recently downloaded financial services products or services through social media platforms like Facebook and Twitter.
  • 10.3% of survey respondents discovered their most recently downloaded financial services products or services through TV and Billboards.
  • 8.4% of survey respondents discovered their most recently downloaded financial services products or services through videos on YouTube.
  • Google search volume for banking services in Kenya is growing 17% year on year (YoY).
  • Google search volume for credit and lending services in Kenya is growing 17% year on year (YoY).
  • Google search volume for insurance services in Kenya is growing 22% year on year (YoY).
  • Searches for financial services mobile apps on the Google Play store is growing at a consistent average of 21% year on year (YoY).
  • According to Tubular there were approximately 10M views for finance-related bios on YouTube in Kenya.
  • General finance videos on YouTube had 9.5M views in Kenya.
  • Banking and loans videos on YouTube had 3M views in Kenya.
  • Financial planning and life insurance videos on YouTube had 594K views in Kenya.
  • Investment videos on YouTube had 404K views in Kenya.
  • Stock market videos on YouTube had 60.5K views in Kenya.
  • 20M searches per month on Google Search.
  • 3.4B impressions on YouTube.
  • 30K mobile app installs.
  • 9.4B impressions on Google Display Network (GDN)

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Moses Kemibaro

Moses Kemibaro

15+ years driving businesses in Kenya & Africa as pure digital passion. A family man & curious by nature :)