A huge appetite for quick loans and reduced disposable incomes has seen borrowers take out Sh500 million daily from digital lenders, according to a new report by the Digital Financial Services Association of Kenya.
This is equivalent to a borrowing rate of Sh15 billion monthly or about Sh20 million per hour. The DFSAK report shows that over eight million Kenyans— about 16 per cent of the population—actively borrow each month from digital lenders.
