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Financial decision-maker sentiment: Kenya

An ongoing look at how the attitudes of financial decision makers in Kenya are evolving during the COVID-19 pandemic.

Almost all financial decision makers in Kenya view the current economy as neutral or weak, and half expect it to be weak in three months. Job security concerns exist for 74 percent and household savings and income have decreased over the past month for most. Sentiment towards banks during the crisis is slightly net negative and consumers would like more flexibility towards late fees and loan payments. Consumers claim they will significantly increase their usage of digital banking services (online, mobile, and mobile payments).

About the author(s)

John Euart is an associate in McKinsey’s New York office, where Michael Panek is a specialist, Francois Jurd de Girancourt is partner in the Casablanca office, Omid Kassiri is a partner in the Nairobi office.

The authors would like to thank Harshit Gupta and Lakshay Piplani for their contributions to this article.

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