Higher education is a key factor in a nation's effort to develop a highly skilled workforce for competing in the global economy. In this paper, current trends in accessibility, equity, participation and financing of higher education in Kenya are examined. The paper explores the challenges which need to be confronted and discusses the way forward for reforming higher education policies in Kenya to widen access and advance equity by suggesting a number of strategies. It highlights the need for programmes and policies focusing on improving access to quality secondary education experiences; increasing aspirations and application to higher education; and the improvement of policies on financial support to disadvantaged students through the already existing Higher Education Loans Board. It concludes with a number of recommendations including a new revenue allocation particularly to the rising numbers of higher education aspirants from low income, rural, ethnic minorities and women.