Kenyans borrowing Sh14 million per hour through M-Pesa

Kenyans are taking loans of up to Sh14 million every hour through M-Pesa, Safaricom has said.

Safaricom said they approve two loans every second as Kenyans rush to get quick loans while under fix.

The loans are given through M-shwari and KCB M-Pesa services

Safaricom Chief executive Bob Collymore said borrowers have been taking loans of between Sh1,500 and Sh2,500.

“Between the two of them (M-Shwari and KCB M-Pesa), we are seeing an approval of two loans every second. The loans are in the range of Sh1,500 to Sh2,500,” Mr Collymore told the Standard.

Collymore said the loans are benefiting businesses.

“A lot of these loans are taken at the crack of dawn. They are taken at four in the morning by traders who want to buy some stuff, go sell them and by 7am, they have probably repaid the loans already. It is a useful product,” he said.

These services have given Safaricom high returns making huge profits.

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