Abstract:

The article aims to identify infrastructural and institutional factors that affect the financial inclusion. To identify the most important factors of financial inclusion improvement, a comparative analysis of two Sub-Saharan countries – Nigeria and Kenya - was conducted. The analysis shows that differences in Nigeria and Kenya financial inclusion levels can be attributed not only to the economic development but also to the difference in regulatory approaches. The analysis also confirms the hypothesis that usage of digital financial services depends more on ‘general’ literacy rather than financial literacy in particular.