Why are Kenyans taking loans?

THE STAR INFOGRAPHIC

According to the Old Mutual Financial Services Monitor report (2024), many Kenyans are resorting to loans to sustain their livelihoods, with business investments (44 per cent) and daily expenses (44 per cent) being the primary reasons.

Other reasons include purchasing essential items or services (26 per cent), covering unexpected emergencies (24 per cent), and paying off debt (14 per cent).

A smaller percentage take loans to lend money (6 per cent) or finance special celebrations (1 per cent).