Borrowing rate, on the other hand, have maintained an upward trend since 2013, when it stood at 28 percent. Apart from economic hardship, the report also cites the increasing availability of low-value credit as a reason behind a growing loan uptake. Insights on Kenyans saving little are also evident in the Statistical Abstract 2018, with private consumption (Sh6.69 trillion) taking 91 percent of the country’s net national disposable income in 2017 (Sh7.39 trillion). Unlike Maureen, who has so far managed to service these expensive and low-value loans, many clients have not paid back. Maureen says that being jobless has made it very difficult for her to save, especially given the rising cost of living.

Source: Daily Nation October 18, 2019 19:18 UTC