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In a banking survey report released by the Kenya Bankers Association (KBA) on February 12, 2025, loan pricing and hidden charges remain major concerns for many customers in this sector. The results of this survey, conducted in 2024, highlight that nearly 46% of respondents were worried about high-interest fees and other charges, underscoring the financial strain experienced by many customers already facing economic hardships in the region.
The customer satisfaction survey by KBA was broad-based, covering various aspects of banking. It is an annual initiative that KBA conducts to gain nuanced insights and statistical trends regarding the banking public across Kenya.
The 2024 survey saw increased participation, with 37,471 respondents compared to 33,608 in 2023 and 33,801 in 2022. However, a significant percentage of respondents expressed dissatisfaction with key factors influencing their banking experience, prompting many to seek alternatives.
For instance, 31.88% of respondents were dissatisfied with the lack of transparency from banks, particularly regarding fees and total charges on disbursed loans. This lack of clarity has driven many Kenyans to switch to micro-lending institutions such as Positiviti Lending, which offer complete transparency on loan interest fees.
Among the survey participants, 45.98% cited high banking fees as a major concern. In 2024, the most affordable Tier 1 lender in the region had a lending rate of 16.80%. Due to these high costs and limited loan accessibility caused by low savings, many MSMEs and individuals are turning to Positiviti Lending, which offers loans with fees as low as 8% without requiring asset declarations.
The 2024 banking customer satisfaction survey also revealed that 42.5% of respondents were dissatisfied with limited access to banking services, while 32.8% were unhappy with the inconvenience of digital and mobile banking platforms. These two factors have significantly restricted service accessibility in rural areas, where banking penetration remains minimal to lows of just 0.11%.
Despite the lack of traditional banking institutions in these underserved areas, the need for capital remains critical for local businesses and individuals. To bridge this gap, Positiviti Lending has deployed over 200 field agents and partnered with local credit union Afresa SACCO to reach more rural communities.
Beyond improving accessibility, these field agents and local partnerships help address any issues applicants of micro-loans may face. This is particularly important in ensuring customer satisfaction, an area where traditional banks struggle.
Among the 37,000+ respondents of the 2024 banking customer satisfaction survey, 47.3% reported dissatisfaction with banking customer service, with 32.7% citing poor issue resolution as a key concern. Furthermore, 16.25% stated their issues are resolved 'Sometimes,' while 5.47% reported being 'Rarely' assisted, and 2.84% said they are 'Never' taken care of. Because of this, they resort to alternative providers for micro loans and other financial services.
About Positiviti Lending: With Positiviti Lending, we empower East African entrepreneurs to revolutionize the local market and grow their businesses. Our platform provides microloans tailored for this region's 400 million-strong population – nearly 6% of the global total! We know our innovative approach will create jobs, spark economic growth and ultimately make a real difference within these communities.
Unlock the potential of your money with a microlending strategy. Positiviti Lending makes long-term financial planning smarter and safer, allowing you to enjoy increased savings without jeopardizing current cash flow stability. Put your finances in action today, sit back and watch your funds grow!
