Buying electricity on credit through a Safaricom associate is the most expensive digital mobile lending in ranking by the bankers lobby group, which also that reveals the exorbitant monthly interest charged on other "soft" loans given through mobile phones.
The Kenya Bankers Association (KBA) study shows that the mobile-based electricity loan, known as Okoa Stima, attracts a monthly interest of 43.4 per cent, making it the most expensive, while Equity Bank’s Equitel was ranked the least costly at 2.1 per cent per month.
