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
Chamas/ Self-help Groups
Relatives, Neighbors and Friends
Mobile Money Lenders