Market research agency Consumer Insight discovered that 60% of Kenyan borrowers last year did not rely on commercial banks and instead chose alternate lenders such as Savings and Cooperative Credit Associations (SACCOs). The agency also states “almost 50% of the upper social economic classes do not have a bank account” and “72% of average Kenyan families earn less than 32,000 shillings (USD $440) per month.”
This data was gathered by the Target Group Index (TGI), an annual national survey of consumer behavior. In June and July, over 8,000 Kenyans over the age of 15 filled out questionnaires for the 2006 TGI. The study gathered data from residents of urban and peri-urban areas of Kenya: Nairobi, Mombasa, Kisumu, Nakuru, Eldoret, Meru, Nyeri, Thika, Machakos, Kisii, Mumias, Kakamega and Voi.
Continue reading “Market Research by Consumer Insight Reveals Kenyans Prefer Savings and Cooperative Credit Associations (SACCOs) Over Commercial Banks”
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