Kenya's microfinance industry has come a long way since the 1980s, and particularly since the landmark Microfinance Intermediaries Act of 2006. The country now has five deposit-taking microfinance intermediaries operating under a regulatory framework assessed by the Economist Intelligence Unit as the best in Africa.
Nonetheless, the microfinance industry globally is meeting difficulties as funding dries up, delinquencies rise and sceptics begin to question its efficacy in reducing poverty and stimulating development.
ACCA's conference, 'Better business Kenya 2011', considered the prospects of the microfinance industry in Kenya and asked how professional accountants can ensure it lives up to its promise.