We were huddled in a routine team discussion at FSD Kenya when we received news of the first confirmed Covid-19 case in Kenya. Like many others, we wondered what this might mean for our work, our families and our country in the days ahead.
Today, I am honoured to represent FSD Kenya at the UK Africa Investment Summit in London. I am inspired by the potential of the entrepreneurs, investors, government officials and civil society organisations who are full of ideas, solutions, and drive to leverage connections and learning across the continent to grow Africa’s economy and wellbeing.
In the past five years, digital loans have transformed the market for credit in Kenya. For millions of adults, the possibility of borrowing from their phones has opened the door to private, formal consumer credit for the first time.
While both Kenya and Tanzania registered fast uptake of digital credit, a new study by FSD Kenya and CGAP with almost 8000 individuals found considerable differences as well as similarities in the adoption and use of digital credit in the two countries.