How digital lenders help the economy as financial literacy grows

In recent months, mobile and digital lenders have been getting a lot of attention, greatly helping improve coverage of financial services from 67 per cent in 2016 to 83 per cent in 2018.

Mobile and digital lenders have reaped from Kenya’s huge population of smart phone users. They have helped fill the gap where many people could not access finance because they lacked collateral. By giving credit to more people, this has had a multiplier effect on businesses, health emergencies and critical interventions in the lives of many people.