The Central Bank of Kenya (CBK) says cash circulating in the informal sector has dropped by over 50 per cent, from Ksh9 billion ($120 million) in 2008 to Ksh4.9 billion ($65 million) this March.
CBK governor Njuguna Ndung’u told The EastAfrican that the drop resulted from increased penetration of banks in rural and low income areas as well as the ongoing reforms in the sector, which have enhanced competition.
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