"I like being independent. You struggle on your own. I have learned through experience that you can survive in all conditions."
Vincent is a 20-year-old student at South-Eastern Kenya University studying nutrition and dietary science. He is the first in his family and village to go to college. In spite of his enthusiasm for university, Vincent admits that school was his means to access working capital. He used 80% of the sizeable loan he was eligible for as a student, always intending to invest it in a goat herd. Rather than formal financial accounts, Vincent uses mobile money and considers his goats as both his source of income and his savings–“I saw goats as more promising,” Vincent says,“you are more sure of it.” He’s deeply interconnected with a trusted older business partner, Kamau, who helps with the goat business and often provides small loans. They have a plan to grow their collective herd to 400 goats in five years’ time. Vincent is creatively working towards his future, even if his formal education doesn’t lead to a government job.
What financial strategies and tools do Vincent plan to use in order to scale his goat herding business?
by the numbers
Like Vincent, Confident Builders are mostly lower to middle income, rural, married men who are active financial managers and natural planners. Approximately 8.2 million (28% of the Kenyan population)
fall in this segment.
SOCIOECONOMIC (SES 1-3)
HIGH INCOME VOLATILITY
Confident Builders prioritize investments and goal oriented bank savings, but because they struggle with high income volatility, unpaid bills, and the most frequent emergencies of any segment, they find planning difficult.
SAVINGS BEHAVIOR & ATTITUDES
Despite struggling with financial planning, Confident Builders save very frequently, are active financial managers and natural planners who want to prioritize investments and bank savings.
They save primarily through mobile wallets, family, and informal groups.
BORROWING BEHAVIOR & ATTITUDES
Confident Builders borrow frequently, but over two thirds use only one borrowing channel.
They primarily borrow from family and informal groups. However, those who borrow using mobile wallets do so at significantly higher rates.