Six out of ten Kenyans borrow from digital lenders, men top list of defaulters
Published on: September 02, 2021 08:47 (EAT)
At least six out of ten Kenyans have borrowed money from digital lending platforms, with a majority not minding the high interest rates. This is according to recent report which also indicates that most of the borrowers on the platforms are men compared to women. A majority of the borrowers are youths aged between 30-34. Further, the State of Digital Lending in Kenya released by ReelAnalytics also revealed that men are not being loyal to one lender and borrow from up to four different apps unlike women who are loyal to a single brand. While presenting the report, Fred Anuro, Researcher from ReelAnalytics have noted that money borrowed mostly goes towards offsetting household bills and buying products such as cooking gas, fuel and personal use. The digital loans have also been listed as the main source of credit for small and medium enterprises SMEs especially during the Covid-19 pandemic The survey involved 1000 people in Nairobi, Mombasa, Nakuru, Nyeri, Meru, Eldoret, Kisumu and Embu and was conducted between June 3 and 22 this year.