Half of Kenyans say mobile loans eroding their savings

A happy young couple works out a saving formula. [Getty Images]

For millions of Kenyans across various economic classes, mobile loans have become an integral part of supplementing their expenditure at home or in their businesses.

According to the Central Bank of Kenya (CBK), the use of mobile money hit a historic high in December last year where Kenyans transacted Sh622 billion through mobile phones.