Kenya central bank bemoans lack of insurance awareness
The governor of Kenya’s central bank said on Monday that a lack of awareness was hampering growth of the insurance industry in East Africa’s largest economy, where only 7 percent of its 39 million people are insured.
At a meeting attended by several insurance firms, Njuguna Ndung’u asked industry executives to find new solutions to help widen the sector’s consumer base.
“A major challenge facing the Kenyan financial sector in general and the insurance industry in particular is the lack of awareness by the target market,” he said.
A third of the country’s population has no access to any form of banking.
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