Kenyans Want More Guidance On How To Save Effectively

By Soko Directory Team / Published March 22, 2022 | 10:10 am

KEY POINTS

“67% said their income had increased in the past six months but 53 % cited higher expenditure in the past six months”, he said.

KEY TAKEAWAYS

On borrowing trends, 59% of customers have increased their borrowing in the last 6 months. The top reason for 78% of the participants taking loans is business-related, to either pay business expenses or add stock, supported by the finding that 8 out of every 10 respondents have side hustles other than their main income source.

Kenyans want more guidance from financial institutions on saving effectively and how to start/to grow a business, according to Tala’s “MoneyMarch 2022” report.

The research, whose goal was to ascertain Kenyans’ financial literacy levels, health, and resilience, surveyed over 423 customers from Fintech’s client base.

While presenting results to the media, Teddy Kahiro, User Research Manager at Tala said, “This report’s main objective was to help us understand our customers, their needs, how their preferences are changing, and how we can evolve to meet their needs.

In addition, we believe that empowering our customers to make financial decisions based on education, will help break the cycle of over-indebtedness and bring more underbanked Kenyans into the financially healthy circle.”

Mr. Teddy Kahiro pointed out that one of the key discoveries from the survey was that Kenyans’ financial health and resilience is improving three months into the new year with the country’s economy opening back up post relaxation of some of the Covid-19 restrictions.

“67% said their income had increased in the past six months but 53 % cited higher expenditure in the past six months”, he said.

With Tala’s Money March campaign now in its third year, Fintech has committed to promoting financial literacy in Kenya by providing financial education and training to customers through various platforms. This includes the learning center on the website, podcasts with partners keen on boosting financial resilience and health in Kenya, and sharing financial education messages on digital assets.

“Empowering our customers with a solid education on finances is a key objective for us. We believe financial resilience among the underserved and underbanked Kenyan majority can be enormously boosted by helping them understand how money works in everyday life,” said Ms. Annstella Mumbi, Tala’s Country Growth Manager during the media event. “Financial literacy education will give young people the foundations of future success and can help economically disenfranchised Kenyans out of deprivation,” she emphasized.

About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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