According to the study, 23 per cent of Kenyans between 18 and 25 years had borrowed from a digital loan in the past year. Men accounted for the biggest proportion of digital borrowers at 60 per cent compared to women at 40 per cent. “Like borrowers who use formal financial intermediaries, digital borrowers are predominantly male, but unlike other formal and even informal borrowers, digital borrowers are predominantly under the age of 35 (62 per cent),” said FSD in its report. FSD further found that digital borrowers are more heavily concentrated in urban areas. According to the study, 67 per cent of digital borrowers live in urban settings compared to 44 per cent of formal and 34 per cent of informal borrowers.

Source: Standard Digital July 20, 2021 12:45 UTC