This archive report was first published on 3 December 2019.
As of November 2018 and April 2019, mobile lenders loaned out a total of 112.2 billion shillings to 4.5 million individual borrowers, with interest averaging 5-7 percent per month.
According to a mobile loan market research by Credit Info, 65 percent of the borrowers were males aged between 31-40 years, borrowing an average of 6,600 shillings.
However, people below the age of 25 years were considered a credit risk by mobile lenders due to high unemployment rate in the country and were lent an average of 3,600 shillings, twice less than what people over 30 were given.
Non-performing loans stood at 10.7 percent during the period under review, with individual borrowers applying for loans 4.5 times on average, while companies requested for loans 2.6 times on average.
The report by Credit Info called for more IT investments to support digital lending and ensure financial inclusion.
