Can we support more switching and searching among banking services?
Over the past few years, the lack of competitive pressures in the Kenyan banking sector has been identified as a key area of concern. The Competition Authority of Kenya (CAK) and Financial Sector Deepening – Kenya (FSD-K) commissioned an inquiry into the appropriate course of action to identify and address any prevailing conditions that maintain an unfavorable status quo in the Kenyan banking sector.
This experiment aimed to identify whether interventions that reduce searching or switching costs were more effective in enabling consumers to identify optimal products. These experiments would then be used by the CAK to inform regulations in the banking industry.