Credit Drives Consumers to Hunt for Options

Consumer Insight’s latest Wakenya Study showed 52% of Kenyans are now active borrowers, up from 40% in 2019. So who are their suppliers? Mobile loans lead at 59% and legacy lenders (banks) are stable at 11%. Ever loyal Saccos supply 6% – but what about Chamas? While less popular than mobile loans, these supple savings groups supply 25% of loans. Curiously, membership in Saccos and Chama swelled in 2023, reversing a gradual decline from 2016. Consumer thirst for alternative sources for loans may be driving this growth.

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