The proliferation of digital mobile loan apps in Kenya which offer highly-priced, short-term credit has hurt growth in long-term investments, a professional unit which advises lawmakers on financial and economic matters has said, warning this is dampening sustainable economic growth.
Analysts at the Parliamentary Budget Office (PBO) say low-income households and small businesses have been plunged into debt traps, making it hard for them to borrow for long-term investments.
