NAIROBI, Kenya, Nov 16 – A new survey revealed by the Digital Lenders Association of Kenya (DLAK) has revealed that 65.7 pc of Kenyans reported improved economic situation of their families compared to the last six months.
Thirteen percent of the 1,000 digital clients surveyed said the economic situation had worsened while another 20.9 percent said the situation was unchanged.
This comes in the wake of the easing COVID-19 containment measures which improved growth across all sectors including those that had been hard hit by the pandemic such as the tourism and transport sectors.
The survey which was conducted between October and November 2021 noted that 45.7pc Kenyans reported increased incomes compared to the last six months.
Twenty-three percent noted they earned visibly less than before while 28.2 percent reported no change.
Another 69.1pc told the pollster they were positive that the economic situation in the next 6 months would improve while 27.6 percent were unsure of the economic outlook.
Overall, the majority of respondents (82.4 percent) said they were willing to continue borrowing digital loans to invest in businesses including stocks.
Sixty-two percent of these borrowers said they would go to digital lenders as their first option, banks (15.9), and then to family and friends (22.1)
“Tough economic situations were the topmost reason why most Kenyans would miss their loan repayment deadline- especially when businesses are not performing well,” the survey added.
In terms of the spending patterns with a credit of between Ksh 10,000-100,000, investing in business was listed as a top priority at 55.5 percent followed by unexpected expenses (24.8) and Education (12.3).
