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More Kenyans using loans as a means of survival: report

Kenyan shillings.

The number of Kenyans taking loans from financial institutions has risen by 10 percent since 2019, with majority borrowing as a means of survival. PHOTO | FILE | NMG

By  Vincent Owino

Business and Technology Reporter in Nairobi, Kenya

Nation Media Group

The number of Kenyans taking loans from financial institutions has risen by 10 percent since 2019 reaching about 14.4 million, occasioned by a slight improvement in financial literacy.

But while most of these adults applied for loans and could calculate the interest charged, the decisions to apply were also fuelled by survival, making credit their source of livelihood.

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