Eldas MP Dr. Adan Keynan has urged the government to prioritise the expansion of banking and financial services in Northern Kenya, warning that the continued shortage is stalling development and leaving pastoralist communities behind.
Speaking in the National Assembly, Dr. Keynan called for a statement from the Chairperson of the Departmental Committee on Finance and National Planning on what the government is doing to address the limited access to banks in the region.
“There has been a shortage of adequate banking and financial institutions in Northern Kenya,” said Dr. Keynan. “This shortage has negatively affected the residents, who are predominantly dependent on pastoralism, trade, and informal micro-enterprises.”
He said financial institutions are key to unlocking the economic potential of marginalised regions by boosting innovation and resilience.
“Financial institutions serve as engines of economic development. Expanding banking infrastructure—both physical and digital—is essential to transition households from subsistence to stability,” he told MPs.
The legislator said the government must introduce financial solutions that are culturally appropriate and responsive to the nomadic lifestyle of pastoralist communities.
“What plans are in place to ensure financial institutions model their services to suit a nomadic lifestyle, and also address insecurity and poor infrastructure?” he posed.
Dr. Keynan also called for a national strategy to encourage both traditional banks and fintech companies to provide affordable credit to vulnerable groups, especially women, youth, and persons with disabilities.
“We must bridge the financial divide by working with government agencies, NGOs, and the private sector,” he said.
He further sought a detailed report on what is being done to expand both physical and digital financial infrastructure across Northern Kenya.
The Finance and Planning Committee is expected to respond to his concerns within two weeks.