The number of individuals tapping digital loans has risen sharply since the Central Bank of Kenya (CBK) took oversight of the sector, a new household survey has shown, underlining the impact of a clampdown on rogue lenders.
The FinAccess Household Survey 2024 shows that since 2021, Kenyans using services of microfinance institutions such as digital credit providers have increased fivefold, ending a stagnation that had seen less than two percent of adult Kenyans borrow from the platforms as their infamous habit of shaming borrowers was met with public outcry.
