digital loans Stories
The bulk of the revenue came from the earlier Digital Service Tax (DST), which was introduced in June 2020 at 1.5 per cent of gross turnover before be...
Data from the Business Registration Services reveals that the total number of items pledged fell to 132,374 in the year ended June 30, with most Kenya...
CBK statistics show that default rates drop as the size of the loan increases, with loans between Sh1,000 and Sh5,000 showing a 69.4 per cent non-perf...
In the period under review, gross loans issued by banks decreased by 2.7 per cent to Sh4.07 trillion from Sh4.18 trillion in 2023.
Tala’s report reveals that 26 per cent of all borrowers accessed digital credit for the first time, with women making up most of this group.
Despite their current challenges, most respondents said they do not intend to default permanently, expressing fear of being blacklisted by the Credit...
In a statement on Thursday, CBK said the approvals are part of an ongoing review of over 700 applications it has received since March 2022.
The report highlights that most borrowers seek these loans for survival rather than investment.
Slightly over one-third of Kenyans have increased their borrowing, a trend that aligns with rising living costs and delays in income.
The report attributes the shortfall to the shift from manual to digital loan applications, which disrupted the usual loan processing cycle.
Despite the widespread uptake of the Hustler Fund, loan repayment rates have not kept pace, prompting the government to revise the terms of repayment.
The suspects allegedly used an extensive network of SIM cards to secure loans that were never repaid, impacting tens of thousands of mobile accounts.
The move brings to 85 the total number of licensed digital credit providers in the country.
