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Wealthy people likely borrow money - study

More wealthy Kenyans are likely to borrow money, a new study has revealed.

The study by Twaweza East Africa revealed that 48% of wealthiest households are likely to borrow money compared to 18% from poor backgrounds.

The study dubbed Sauti za Wananchi Survey Findings - Citizens' Views on Money Matters (Financial Inclusion in Kenya) also revealed that one in three Kenyans has taken a loan in the past five years.

Additionally, the study also discovered that urban citizens and men are more likely to borrow money than rural citizens or women. Formal sources – banks 25%, SACCOS 17%, mobile money    

"Women and rural citizens are also disproportionately excluded from mainstream financial services. The private sector and government will need to come together to create more incentive and opportunities to promote financial inclusion among Kenya’s poorer households," said John Mugo, Director of Data and Voice at Twaweza. 

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