Shopkeeper goods on credit has risen from 10 per cent in 2016 to 30 per cent in 2019,” states the report. Taking loans from groups or chamas, family, friends and neighbours as well as taking credit from mobile banking platforms contribute to the perception that Kenyans are heavy borrowers. Saccos, microfinance institutions and traditional banking (not including mobile banking) on the other hand, are no longer highly regarded by a 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 8 per cent take digital loans.

Source: Daily Nation April 12, 2019 10:41 UTC