Objectives/Methods: This study argues superiority of non – bank led bottom up incremental financial inclusion (FI) over bank led approach and presents a unique model from Kenya having high public receptivity given the social and economic constraints, unlike the bank led model followed in India. Financial exclusion in Kenya is down to 17.4% (2016) and has more than halved since 2006. Kenya shows remarkable achievement of 50% rise in financially included population in the last 10 years. Tanzania on the other hand religiously implemented its First National Financial Inclusion Framework (NFIF 2014 – 16) which increased its financial inclusion to 65% in 2017. Tanzania has launched its Second National Financial Inclusion Framework (NFIF 2018 – 22) with a target of achieving 75% of financial inclusion by 2022. Contrast this with financial inclusion of 62.2% in India in 2016.
Findings/Application: Though size and demography between the two countries are incomparable, the sheer scale and tremendous social acceptability of mobile payment revolution in Kenya is heartening, envious and worth emulating. Horizontal approach to economic inclusion through mobile payments/mobile banks in every pocket is somehow more appealing than vertical top down approach to financial inclusion led by concrete bank led structure which looks more intimidating to innocent and illiterate unbanked people in rural areas, the very target of financial inclusion. India has a lesson or two to learn from Kenya’s mobile payment revolution in order to close the FI gap.