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Most Kenyans, 83 per cent, indicated a willingness to increase the amount of money they allocate to savings and investments, but the inability to save due to insufficient funds after fulfilling their obligations that require regular funding and the availability of quick digital loans.

Among their obligations which contribute to Kenyans’ financial strain is supporting their extended family which considerably bites into their savings. 84 per cent of people indicated that they regularly provide some income to their extended family, mostly in case of emergencies, because they feel a sense of obligation to send their extended families money and because their extended family members treat them better when they are sent money.

On their part, the extended family members mostly use the money to cater to recurring expenses like food & transport, school fees and medical expenses at 23 per cent, 19 per cent and 18 per cent respectively. Farm-related expenses like purchase of fertiliser ranked fourth at 14 per cent, phone and home upgrades came in fifth at 7 per cent while entertainment like Christmas celebration was sixth.

The instant currency exchange service offered by Grey enables its customers to have virtual international bank accounts for free, helping small businesses, freelancers, remote workers, and content creators in Kenya to enjoy a seamless payment process.

Today, thousands of young Kenyans access work opportunities through digital platforms in a rapidly growing gig economy.

The online gig economy is fuelled by a burgeoning young workforce, internet and smartphone penetration, and mobile money proliferation. With Africa having the youngest workforce yet with high unemployment rates, online gig work provides alternative and accessible employment opportunities and a path to economic prosperity for the youthful workforce.