Hon. Dr. Adan Keynan (Eldas) has urged the government to prioritise the expansion of banking and financial services in Northern Kenya to promote inclusive economic development and uplift pastoralist communities.

Speaking during a plenary sitting of the National Assembly, Hon. Keynan called for a Statement from the Chairperson of the Departmental Committee on Finance and National Planning on strategies being implemented to address the shortage of financial institutions in the region.

“There has been a shortage of adequate banking and financial institutions in Northern Kenya,” said Hon. Keynan. “This shortage has negatively affected the residents, who are predominantly dependent on pastoralism, trade, and informal micro-enterprises.”

He noted that financial institutions play a critical role in unlocking the economic potential of marginalised areas by facilitating innovation, resilience, and prosperity. “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 stated.

The Eldas legislator added that the need for government-driven, culturally responsive financial solutions that address the unique needs of pastoralist communities. "What are the plans that the Government is putting in place to ensure that financial institutions model their services to nomadic lifestyle, address insecurity and infrastructural challenges being faced by the pastoralist communities of Northern Kenya," he said.

Hon. Keynan further called for a comprehensive framework to incentivise banks and fintech players to provide inclusive and affordable credit to vulnerable groups. “We must ensure that the financial divide is bridged by partnering with government agencies, non-governmental organisations, and the private sector,” he added.

Hon. Keynan sought a detailed report on the strategies to increase the physical and digital presence of financial institutons in Northern Kenya.

"What measures have you put in place to ensure financial literacy programmes targeting women, youth, and persons with disabilities and what

incentives do you have to promote access to affordable credit," asked Dr. Keynan.

The Committee on Finance and National Planning is expected to provide a response in two weeks.