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Mobile money operators were the most common sources of this credit, with the vast majority of those loans - 88 percent - coming from M-Shwari, Fuliza, or KCB-Mpesa,” the report indicates. “In May, 29 percent responded that they had taken out a short-term loan, compared to 16 percent in April.
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The percentage of respondents who have had to seek short-term credit doubled in the month between the first and second waves of the survey. Kenyans are getting more concerned about their economic welfare as the coronavirus approaches its fourth month, forcing them to seek financial solace in digital loans to offset short term home budget requirements, a new report indicates.Ĭonsumers’ spending habits, according to Boston Consulting Group’s Consumer Sentiments Survey conducted in April and May this year, have changed accordingly.