700b Fuliza on a year

[RV Pundit]

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A people in bondage!

Kenyans borrow sh 701 billion through Fuliza for the 12 months ending 31st March 2023. This is nearly 40% higher than previous year.

And the State wants to tax them more!https://t.co/mw3DUQVtER

— FCPA Billow Kerrow (@BillowKerrow) May 12, 2023

?s=19

[gout]

If Kenyans get the money to pay shylocks in a server who says they are not working.

Fuliza "investment" is not more than 5b and they are getting 6 billion. Evil given the investment sis deposits by Kenyans earning nothing.

[kneegrow04]

Kenya has a serious financial/liquidity GOUT. Remember only about 3.6 million Kenyans are employed by GoK. The remaining majority are hustlers. Those employed by GOK are also in debt servicing car loans, mortgages, school fee loans, wedding loans, etc. Our priorities are lopsided...ati wedding loan then divorce 6 months later.

Kenyans MUST learn the culture of SAVING. Have like 100-200k in an emergency account under lock and key. We should also learn to embrace SACCOS as opposed to conventional banking institutions which give out expensive loans. Saccos are dirt cheap. Some, like sheria, icea lion, police sacco, abila sacco charge 1% interest on REDUCING BALANCE. In a nutshell what that means, if you do the math's, is that for every 10k loaned out, interest is Ksh650 after 12 months. If you take out 100k loan, interest is Ksh6500 after 12 months.

Besides, we need more zonal, county based saccos with an active regulator-SASRA. Old saccos like Stima and mwalimu are spoilt. Stima for instance charges 11% interest on reducing balance. That is an expensive loan for hustlers.

[gout]

This is long running myth debunked by Mpesa, sacco and bank deposits. It is perpetuated by bankers, githeri media, politicians and has become like gospel truth.

The banks keep running away from paying interest on deposits. It is a paradox that an overdraft attracts immediate interest but deposits are not savings! The banks are 'custodians' of Mpesa balance. This is why Kenyans are always investing in all sort of scams.

During the 12 months, gross loans rose from Sh3.14 trillion to Sh3.55 trillion against deposits of Sh4.65 trillion.

https://www.businessdailyafrica.com/bd/corporate/companies/liquidity-ratios-dip-as-banks-scale-up-lending-3980206

Kenya has a serious financial/liquidity GOUT. Remember only about 3.6 million Kenyans are employed by GoK. The remaining majority are hustlers. Those employed by GOK are also in debt servicing car loans, mortgages, school fee loans, wedding loans, etc. Our priorities are lopsided...ati wedding loan then divorce 6 months later.

Kenyans MUST learn the culture of SAVING. Have like 100-200k in an emergency account under lock and key. We should also learn to embrace SACCOS as opposed to conventional banking institutions which give out expensive loans. Saccos are dirt cheap. Some, like sheria, icea lion, police sacco, abila sacco charge 1% interest on REDUCING BALANCE. In a nutshell what that means, if you do the math's, is that for every 10k loaned out, interest is Ksh650 after 12 months. If you take out 100k loan, interest is Ksh6500 after 12 months.

Besides, we need more zonal, county based saccos with an active regulator-SASRA. Old saccos like Stima and mwalimu are spoilt. Stima for instance charges 11% interest on reducing balance. That is an expensive loan for hustlers.