REPORT: 83% of Kenyans are happy with mobile loan apps

Microloans are small loans offered to people over a shorter period of time, typically without providing any form of security for the lender and often without requiring a credit history from the recipient. They are very similar to credit cards, but are more widely available, especially in markets where a majority of the population is underbanked. People in such markets often don’t have bank accounts or the ability to get a credit card. In recent years, the growth of the internet and easier access to smartphones have been great for…