Bank borrowing in Kenya shrinks as many opt for mobile money loans - World Bank

 

More Kenyans are now opting to borrow loans from mobile money providers as bank borrowing shrinks.

The Global Findex 2025 report by the World Bank found that in 2024 formal borrowing in Kenya recorded an increase from 2021, where majority sought funds from mobile money accounts.

The findings show an increase in mobile money borrowing as borrowing through banks continued to shrink. Here, 32 percent of adults borrowed from their mobile money providers, including 25 percent of adults who borrowed only in this way. Mobile money borrowers made 86 percent of formal borrowers.Notably, a number of Kenyans are borrowing money from their friends and family members while others borrow from semi-formal institutions such as clubs and Chamas.

The report also compares mobile money borrowing among men and women in Kenya, showing that women are less likely (16%) to borrow money through digital wallets.


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