Home Finance List Of Top Sources Of Loans For Kenyans

List Of Top Sources Of Loans For Kenyans

by John Nyabuto

With the alarming rate of joblessness in Kenya and the biting economy, many Kenyans opt for loans to bail themselves out of hard financial situations. A recent survey by the Kenya National Bureau Of Statistics (KNBS) shows that many of the broke Kenyans or average Kenyans would rather go to a merchant or a kiosk next door for a loan rather than visit a bank for the same loan which is strenuous and time wasting, and which you are not even sure of getting in the first place.

Here is a table which breaks down major sources of credit for Kenyans and which percentage opts for which loan source. Have a look.

SOURCES OF CREDIT/LOAN

 % OF KENYANS WHO OPT FOR IT

 

Local Shops/Kiosks/Merchants

 

28.2

 

Chamas/ Self-help Groups

 

19.4

 

Relatives, Neighbors and  Friends

 

14.0

 

SACCOs

 

11.2

 

Commercial Banks

 

8.8

 

Mobile Money Lenders

 

 

7.6

 

Micro-Finance Institutions

 

5.3

 

Employers

 

1.3

 

Money Lenders/Shylocks

 

1.2

 

Non-Governmental Institutions(NGOs)

 

1.2

 

Government Funds

 

1.2

 

Religious Institutions

 

0.2

 

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