NAIROBI, Kenya, Feb 21 – Borrowers using the Tala app have reported an overall improvement in quality of life, a new report shows.
The latest Tala Impact Report shows that four in five (84 percent) Kenyans have experienced improvements in their lives through the lender.
Positive feedback comes at a time when Kenyans are grappling with economic challenges exacerbated by the Covid-19 pandemic as well as high inflation.
“These findings validate our core mission to bring the financially underserved Kenyan majority into the financial ecosystem and provide them access to affordable credit and flexible payment options,” Tala Growth Director Annstella Mumbi said.
“We are extremely motivated to see statistics indicating that 85% of our female borrowers surveyed reported an increase in their confidence in themselves and in their abilities and 60% of them said they now contribute to household decision making as a result of being financially enabled. That is what matters most to us at Tala,” Mumbi added.
And despite the high cost of living, 44 percent of the respondents said that their saving culture had improved, making borrowers feel more in control and less stressed about their finances.
The survey was conducted by 60 Decibels, a tech-enabled impact measurement company.
Out of eight in 10 borrowers, 27 percent reported improved access to finance, 23 percent could afford household goods and bills, and 18 percent had the ability to acquire stocks for their businesses.
“At Tala, customers are co-creators of our products and their interests always sit at the heart of our decision-making, therefore, with these findings our work is clearer now more than ever as our customers have spoken on what they need improved and on what is of utmost importance to them, that is what we will focus on in order to deliver our promise of spreading financial access in Kenya,” the firms General Manager Munyi Nthigah said.
In its recently released Money March 2022 Report, Tala said it had increased loan limits from Sh30,00 to Sh50,000, with 78 percent of borrowers taking loans to pay for business expenses, add stock, or fund their side hustles.
