This archive report was first published on 5 December 2019.
Kenya's mobile loan market is dominated by commercial banks, which account for 92.8% of the Sh112.2 billion advanced over six months, according to a recent survey by Creditinfo CRB Kenya Ltd.
Published on December 5, 2019, the survey analyzed credit reports on 4.5 million borrowers submitted by 13 lenders, one of which controlled 66% of the borrowers.
Borrowers aged 30-40 accounted for 31% of the 19.1 million mobile loans dished out between November 2018 and April 2019, while those aged 25 and below came second with a 21% share.
“Young people will often be scored lower since their analytics will show fewer revenue streams and lower money velocity compared with their counterparts in the older demographics who will likely be earning from a salary or a business income,” said Creditinfo chief executive Kamau Kunyiha.
Only 8% of the loans were dished out to borrowers aged 51-60, while a paltry 3% of the loans went to those aged 61 and above.
