In Kenya, household debt reached Sh907 billion ($88 billion) at the end of 2015, a survey conducted by local firm HTM Capital shows. From 2010, this debt soared by 254%.

 “According to our estimates, this increase in debt has been largely driven by the increase in the accessibility of funds via mobile banking services,” the firm said based on data it collected. The figure indicates that most Kenyan debtors borrow by using mobile banking services (M-Shwari).  

HTM Capital said the actual debt level could rise before the end of 2016, due to rate cap introduced by the Central Bank, which makes loans more affordable. However, the reality suggests the opposite. Data from the Central Bank of Kenya reveals that loans to the private sector have fallen in October 2016.