Female borrowers using Tala app have reported an increase in their confidence according to a new report.
The latest Tala Impact Report 2022 shows that 85pc of female borrowers have reported an increased confidence, while another 47pc reported an increase in the respect they receive in their household.
“These findings validate our core mission to bring the financially underserved Kenyan majority into the financial ecosystem and provide them access to affordable credit and flexible payment options. We are extremely motivated to see statistics indicating that 85% of our female borrowers surveyed reported an increase in their confidence in themselves and in their abilities and 60% of them said they now contribute to household decision making as a result of being financially enabled. That is what matters most to us at Tala,” Tala’s Director of Growth, Annstella Mumbi.
The survey was carried out by 60 decibels, a global, tech-enabled impact measurement company, between October- November 2022 and interviewed 250 borrowers, 37pc being female.
Also according to report, 4 out of 5 borrowers (84pc) reported an improvement in their overall quality of life despite the country’s economy and high cost of living.
According to Mumbi, Key discoveries from the survey was that 44pc of borrowers surveyed said their ability to save has improved, making borrowers feel more in control and less stressed about their finances adding that another 19pc reported that their ability to manage their finances has greatly increased with 13pc others saying their ability to make independent financial decisions has increased. .
“It is heartening to see that our efforts of promoting responsible finance in boosting resilience amongst the underbanked Kenyans are paying off. But there is still lots more to do. At Tala, customers are co-creators of our products and their interests always sit at the heart of our decision-making, therefore, with these findings our work is clearer now more than ever as our customers have spoken on what they need improved and on what is of utmost importance to them, that is what we will focus on in order to deliver our promise of spreading financial access in Kenya,” Tala General manager Munyi Nthigah.
Since its inception in 2014, Tala has disbursed over $1.9B in loans