Kenyans turn to friends, relatives as lenders shy off

Monday, April 8, 2019

By Edwin Okoth

Friends, relatives and neighbourhood kiosks are increasingly becoming the preferred financial bulwarks against the prevailing tough economic times that have led many Kenyans into despair.

A majority can hardly save, are poorly prepared for shocks and immediately turn to friends and relatives to beg for cash when faced with financial crises, according to the latest Financial Access (FinAccess) Household Survey conducted by the Central Bank of Kenya and FSD Kenya.

The survey profiles a male urban resident aged between 26 and 35 as the most burdened by begging relatives since they fit squarely in the 21.7 per cent of the population considered financially healthy.

Photo courtesy of klndonnelly.

Source: Daily Nation (link opens in a new window)

financial health, financial inclusion