Latest data from the Credit Reference Bureau (CRB) has detailed the ballooning defaulting on loans by Kenyan youths. The CRB report indicates that the youth exploit loopholes in sim card registration process to borrow money and then throw away the sim cards used. "They take the money and throw away their sim cards, get another one, borrow and again destroy the sim card. According to the data, the borrowing time peaks around 2am and 5am with a majority of the borrowers being Nairobi residents. "Majority of Kenyans borrow for consumption and in the long run they become heavily indebted since the mobile loans are very expensive," an economist stated.

Source: Daily Nation May 20, 2022 07:19 UTC