By Jeff Kizzilah
Borrowing for business purposes in kenya remains to why people take loan 67% of respondents said they borrowed to meet business expenses to add stock compared to 2022.
According to Tala reports,half of kenyans are borrowing more compared to six months ago with incidence of people using more than three digital lenders on the rise.Tala’s 2023 report (MoneyMarch)’State of Economy ‘ report that led to fewer jobs and declined sources of income leading to higher rate of borrowing to pay for their expenses.
Speaking during the event,Teddy Kahiro senior research Manager at Tala said the report beings a unique way of spending in kenya that 25% on savings of chamas and saccos,while 23% utility bills and only 15% on emergency.
“Empowering customers with enough knowledge on savings has been the key objective “said Teddy