Rising inflationary pressure appears to have curbed discretionary spending amongst Kenyan households over the past three months, and this behaviour is expected to continue in coming months. Households have remained resilient in servicing their bills and loan obligations; 64% of respondents indicated their ability to pay current bills and loan repayments in full.
Kenyan consumers know the importance of credit and lending products; 98% of consumers surveyed indicated they believe access to credit and lending products is important to achieve their financial goals. However, only 44% of consumers believed they currently have sufficient access to credit and lending products.
Most Kenyan consumers believed monitoring credit is very or extremely important; 77% said they monitor their credit at least every month. The practice of actively monitoring credit may have contributed to the low amount (6%) of consumers in Kenya who said they fell victim to digital fraud in the last three months. However, 37% of consumers surveyed said they were unaware if fraudulent actors targeted them, an area of concern since the assumption is that one in three consumers could have been targeted but were unaware. Due to this lack of awareness, they may have become victims of fraud without knowing it.