The number of unique borrowers in Kenya has seen significant growth over the past five years. By 2023, the total reached 11.4 million, up from 7.5 million in 2019. This figure encompasses both individual and business borrowers.
Recent data from Financial Sector Deepening (FSD) indicates a slight decrease in unique borrowers, with 11.4 million in 2023 compared to 12.2 million in 2022. Despite this drop, the average growth rate over the past five years stands at 27 percent. The number of corporate borrowers increased by about 36 percent during this period.
From 2019 to 2022, loan disbursement to businesses slowed, but the sector rebounded in 2023. The research attributes the earlier slowdown to macroeconomic factors, the COVID-19 pandemic, and the 2022 General Election.
Meanwhile, the annual value of individual loans rose steadily before experiencing a 21 percent decline between 2022 and 2023.
The survey found that from 2019 to 2023, there was an average of six million unique male borrowers and 4.3 million female borrowers, reflecting the total number of loans issued each year.
According to FSD, Kenya issued 62.2 million unique loans in 2023, a notable increase from 37.8 million in 2019. However, the total value of these loans decreased, with Kes.2.067 billion disbursed in 2019 compared to Kes.1.937 billion in 2023.
The report also reveals that male borrowers received 61.4 percent of new loans issued between 2019 and 2023, with their loan values nearly doubling those given to female borrowers.
Furthermore, the 2022 general election impacted the economy, reducing the average loan amount for enterprises from Kes.9 million in 2019-2021 to Kes.6 million in 2022.
