And despite the spread of formal financing, more than 60 per cent of Kenyans still use informal borrowing solutions such as chamas, friends, family. DEBTSRelated Content Easy digital loans drive Kenyans into multiple debtTaking loans from groups or chamas, family, friends and neighbours as well as mobile banking platforms also contribute to the perception that Kenyans are borrowers. Saccos, microfinance institutions and traditional banking (not including mobile banking) on the other hand, are no longer highly regarded by majority of Kenyans. Use of mobile money, mobile banking, and digital apps has risen considerably, with digital apps now being used by two million people. About 79 per cent of Kenyans have mobile money accounts, 25 per cent have mobile bank accounts, while eight per cent take digital loans.

Source: Daily Nation April 11, 2019 21:56 UTC