Volatile gig income and inflexible loan repayment schedules can be a dangerous mix, as this ride-hailing driver in Nairobi learned from experience. His story serves as a cautionary tale to lenders and borrowers in the gig economy.
Kenya offers higher fees to providers that facilitate digital government-to-person payments in underserved areas. Today, this makes it easier to reach hundreds of thousands of low-income people with assistance during the COVID-19 crisis.
Gig workers in Kenya report major disruptions to business and depleted savings due to COVID-19 (coronavirus), while platforms signal eagerness to facilitate government-to-person payments or loans to hard-hit workers.
New research from Kenya and Tanzania reveals that digital credit is often used for consumption purposes and that delinquency and default rates are high, suggesting funders of digital credit markets should prioritize consumer protection.
It's been five years since Kenya launched its first digital credit solution. A new CGAP survey shows that one in four Kenyans has taken a digital loan, mostly for working capital and day-to-day consumption.
Digital finance is just beginning to realize its potential in the health care sector. Take a look at some early examples of how digital financial services are contributing to the goal of universal health coverage.
In Kenya, where nearly everyone knows about mobile money and a majority live within walking distance of an agent, why do nearly 2 in 10 adults lack access to formal financial services? And what can be done to reach them?
Bank accounts today once again outnumber mobile money accounts in Kenya -- by over 30 percent. Innovations like PesaLink have helped banks achieve this growth, showing that banks can thrive in the face of mobile money.
CGAP received nearly 200 proposals from digital financial services providers across Africa interested in piloting new products. A look at those proposals — from 30 countries — shows that innovations are spreading beyond hot spots like Kenya.