World Bank2014-02-112014-02-112013-12https://hdl.handle.net/10986/17002Kenyans are living two decades longer; the fertility and infant mortality rates have been cut in half; and school enrollment, at both the primary and secondary level, has more than doubled. On the economic front, gross domestic product (GDP) per capita increased eightfold; the largest share of GDP is the services sector, not agriculture; and the financial sector is now the third largest in Sub-Saharan Africa (after South Africa and Nigeria). Kenya strengthened its external position substantially in recent years, accumulating international reserves to meet program targets under the successfully completed international monetary fund (IMF) program. Reforms have improved the resilience of the banking sector to domestic and international shocks. With the advent of mobile information and communications technology (ICT) developments, the ceiling for innovation targeting specific segments of the market and outreach has been raised almost indefinitely. Kenyan banks are ahead of their counterparts in Sub-Saharan Africa in terms of the share of lending to small and medium-size enterprises (SMEs) in their portfolios. A mature banking sector and more generally, a well-developed financial sector that supports a vibrant private sector will be an important advantage to achieving the vision 2030 goals.en-USCC BY 3.0 IGOACCOUNTINGAGRICULTURAL OUTPUTASSET QUALITYAUCTIONBALANCE OF PAYMENTSBALANCE SHEETBALANCE SHEETSBANK ASSETSBANK CREDITBANK FINANCINGBANK LENDINGBANK PORTFOLIOSBANK RATEBANKING CORPORATIONBANKING SECTORBANKING SYSTEMBASIS POINTSBENEFICIARIESBENEFICIARYBOND YIELDSCAPITAL ACCOUNTCAPITAL FLOWSCAPITAL GOODSCAPITAL INFLOWSCAPITAL MARKETSCAPITALIZATIONCASH FLOWCENTRAL BANKCLIMATIC CONDITIONSCOLLATERALCOLLATERAL REGISTRIESCOLLATERAL REGISTRYCOMMERCIAL BANKCOMMERCIAL BANKSCOMMODITY PRICESCONSUMER DURABLESCONSUMER GOODSCOOPERATIVE BANKCREDIT COOPERATIVECREDIT COOPERATIVESCREDIT GROWTHCREDIT INFORMATIONCREDIT INFORMATION SYSTEMSCREDIT SOURCECREDITORCREDITOR RIGHTSCURRENT ACCOUNT DEFICITCURRENT ACCOUNT DEFICITSDEBT LEVELSDEBT MANAGEMENTDEBT MANAGEMENT POLICYDEMAND FOR CREDITDEPOSITDEPOSITSDEVELOPMENT FINANCEDISBURSEMENTDIVIDENDSDOMESTIC BONDDOMESTIC BORROWINGDOMESTIC DEBTDOMESTIC INTEREST RATESECONOMIC ACTIVITYECONOMIC GROWTHECONOMIC PERFORMANCEELECTRICITY GENERATIONEMERGING MARKETSENVIRONMENTSEQUIPMENTEQUITIESEQUITY MARKETSEXCHANGE RATESEXPENDITUREEXPENDITURESEXPORTSEXTERNAL DEBTEXTERNAL INDEBTEDNESSFEDERAL RESERVEFINANCIAL CRISISFINANCIAL INFRASTRUCTUREFINANCIAL MANAGEMENTFINANCIAL MARKETSFINANCIAL SERVICE PROVIDERSFINANCING OF INVESTMENTFISCAL DEFICITFISCAL DEFICITSFISCAL DISCIPLINEFISCAL POLICIESFISCAL POLICYFLOATING EXCHANGE RATEFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN FINANCINGFOREIGN INTERESTFOREIGN INVESTORSFREE ASSETFREE ASSETSGDPGDP PER CAPITAGLOBAL ECONOMYGLOBAL INTERESTGOVERNMENT BORROWINGGOVERNMENT BUDGETGOVERNMENT DEBTGOVERNMENT EXPENDITUREGOVERNMENT REVENUEGOVERNMENT SECURITIESGOVERNMENT SPENDINGGROSS DOMESTIC PRODUCTHIGH UNEMPLOYMENTHOLDINGSHUMAN RESOURCEINCOME TAXINFLATIONINFLATION RATEINFLATIONARY PRESSUREINFLATIONARY PRESSURESINFORMATION ASYMMETRIESINFORMATION SYSTEMINFRASTRUCTURE DEVELOPMENTINSURANCEINTEREST PAYMENTSINTEREST RATEINTEREST RATE PAYMENTSINTEREST RATE SPREADINTEREST RATE SPREADSINTEREST RATESINTERMEDIATE GOODSINTERNATIONAL DEVELOPMENTINTERNATIONAL FINANCIAL MARKETINVESTMENT BANKINVESTMENT CLIMATEINVESTMENT CORPORATIONINVESTMENT DECISIONSINVESTMENT FUNDINVESTMENT SPENDINGISSUANCELENDERSLEVYLIQUIDITYLOANLOAN RECOVERYLOCAL BUSINESSESMACROECONOMIC CONDITIONSMACROECONOMIC ENVIRONMENTMACROECONOMIC MANAGEMENTMACROECONOMIC VOLATILITYMARKET CAPITALIZATIONMARKET CONDITIONSMARKET ECONOMYMARKET INDEXMARKET STRUCTUREMATURITYMICROFINANCEMICROFINANCE INSTITUTIONSMONETARY FUNDMONETARY POLICYMONEY SUPPLYMORTGAGESNATIONAL SECURITYNATIONAL TREASURYNON-PERFORMING LOANSNONPERFORMING LOANSOILOIL PRICEOIL PRICESOWNERSHIP STRUCTUREPAYMENT SERVICEPENSIONSPERSONAL SAVINGSPOLICY ENVIRONMENTPOLICY MAKERSPOLITICAL RISKPOLITICAL UNCERTAINTIESPORTFOLIOPORTFOLIO CAPITALPORTFOLIO FLOWSPORTFOLIOSPRICE RISKSPRIVATE CAPITALPRIVATE CREDITPRIVATE SECTOR CREDITPROPERTY RIGHTSPUBLIC DEBTPUBLIC SPENDINGQUALITY OF ASSETSREAL EXCHANGE RATERECURRENT EXPENDITUREREGISTRY SYSTEMREMITTANCESREPAYMENTREPAYMENTSREPORESERVERESERVESRETURNSRETURNS ON EQUITIESRISK AVERSIONRISK PREMIUMSRISK-FREE RETURNSAVINGS DEPOSITSSECURITIES MARKETSSHORT MATURITIESSHORT-TERM CAPITALSTABLE INTEREST RATESTOCK EXCHANGESTOCK MARKETSTREAMSTAX REVENUESTERMS OF TRADETERRORISMTRADE BALANCETRADINGTRANSACTIONTRANSPARENCYTREASURYTREASURY BILLTREASURY BILL RATETREASURY BILL RATESTREASURY-BILL RATESTURNOVERWAGESWORKING CAPITALYIELD CURVE10.1596/17002