53% of Kenyans feel getting loan in 2023 more difficult than in 2022 – TIFA

53% of Kenyans feel getting loan in 2023 more difficult than in 2022 – TIFA

A survey conducted by market research company TIFA has painted a grim picture of the economic situation in Kenya for the year ending 2023.

TIFA on Friday, December 29, 2023, released the report of the survey that was conducted between November 25 and December 9, 2023, by telephonic interviews with 1,587 respondents from Central Rift, Coast, Lower Eastern, Mt Kenya, Nairobi, Northern, Nyanza and South Rift.


The survey topics concentrated on the state of the economy as experienced and perceived by Kenyans.

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On matters accessing financial loans, TIFA survey reported that 53 per cent of Kenyans feel that getting a loan in 2023 was more difficult compared to 2022.

The research firm said sentiments by respondents were indicative of various economic challenges, including stringent lending practices, elevated risk perceptions by financial institutions, and broader uncertainties affecting borrowers.

Infographics on loan access status. PHOTO/TIFA

The survey also highlighted that a vast majority of Kenyans, 64 per cent, perceive a decline in employment
opportunities in 2023 compared to 2022.

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Infographics on employment prospects. PHOTO/TIFA

Even though the TIFA survey painted a grim picture in 2023, 61 per cent of Kenyans are optimistic that 2024 will come with good tidings.

The research firm noted that the positive outlook among most Kenyan citizens signifies a hopeful perspective on the future, reflecting a collective belief in positive changes or advancements anticipated to
unfold in the coming years.

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Infographics on the prospects of 2024. PHOTO/TIFA