Kenyans turn to friends, relatives as lenders shy off

Friends, relatives and neighbourhood kiosks are increasingly becoming the preferred financial bulwarks against the prevailing tough economic times that have led many Kenyans into despair.

A majority can hardly save, are poorly prepared for shocks and immediately turn to friends and relatives to beg for cash when faced with financial crises, according to the latest Financial Access (FinAccess) Household Survey conducted by the Central Bank of Kenya and FSD Kenya.