With access to credit growing, Kenya shifts momentum to affordability

cashless transactions

A mobile subscriber transacts via M-Pesa at a shop in Nyeri on May 20, 2021. PHOTO | JOSEPH KANYI | NMG

Kenya has made massive progress in broadening access to credit. The number of loan accounts in the country currently exceeds 20 million, having grown from 600,000 15 years ago.

Kenya’s rapid success in growing access to credit is proof of the transformative power of the mobile phone and what can be achieved through customer-focused services such as M-Pesa.

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Note: The results are not exact but very close to the actual.