Kenyans have become prisoners of mobile loan Apps, shows study

A woman uses her mobile phone. 800,000 Kenyans are reported taking several loans to repay others. FILE PHOTO | NMG

What you need to know:

  • Survey shows that a majority are paying high interest rates on digital loans with defaulters finding their names in CRBs.
  • While borrowing to meet basic needs as well as replenish stocks in small businesses were the main reasons for digital borrowing, 800,000 Kenyans reported taking several loans to repay others.

The proliferation of digital loan platforms has not improved lives, a new survey shows.

Welcome!

You're all set to enjoy unlimited Prime content.