NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Wednesday, March 13, 2019

By Abel Agoro

Currently, there are more than 380,000 Kenyans that have so far defaulted on loans taken from mobile money lenders according to a comprehensive report by Metropol Corporation CEO, Sam Omukoko.

Even though there is a sense of acceleration of loans acceptance rate, the Credit Reference Bureau (CRB) indicates that the default rate stands at 2 per cent of the total accounts.

On the other hand, the number of Kenyans with multiple loans from multiple mobile lenders stands at 7.6 million.

Such translates to around 40 per cent of the total number of 19 million Kenyans with loans from the mobile money lenders in the country. 

Photo courtesy of Simon Berry.