Marketing Mix in Deepening Financial Inclusion in Kenya and Uganda

Abstract

Financial Inclusion, a relatively new area of study and practice, is the deliberate effort to provide access of formal financial services to poor people, who are otherwise either under-banked or unbanked, at a cost that is affordable to them. Marketing mix, on the other hand, refers to the combination of those elements that a marketer will master in order to create, communicate and deliver value to customers. This study sought to establish the role marketing mix elements play in deepening financial inclusion in Kenya and Uganda. A total of 230 respondents formed part of the research study that used stratified random sampling, in rural and urban locations. The study was applied with the aid of two standardised questionnaires for banked and unbanked respondents. The study found that whereas all the marketing mix elements impacted respondent choices in formal financial services, price, place and process we