Certainly, more innovation and public regulation (by which I mean property rights protection and incentives for growth of contract intensive money) needs to be instituted in order to promote growth and diversification of financial services.
The prevailing interest spread in Kenya is ridiculous; the Central Bank rate is 6% while the commercial banks lending rate is 13.85%. (Njuguna Ndung’u, the governor of Central Bank of Kenya (CBK) should do something about this). The mortgage market needs a shot in the arm (the demand is high but financing is maddeningly expensive). And the country could do with a more robust household credit system. Even the middle class does not earn enough to buy all they need in cash. Borrowing against future prosperity (under a regulated system, of course) is not such a bad idea. More substantively, it is an implicit investment in the future.