Is Digital Credit Filling a Hole or Digging a Hole? Evidence from Malawi
研究马拉维数字信贷市场，发现消费者对高息短期贷款需求旺盛但普遍不了解条款，导致高逾期和滞纳金；金融素养干预虽提升知识却未改善还款，反而增加违约风险。
Abstract Digital credit has expanded rapidly in Africa, with opaque loan terms amidst low consumer financial literacy. Rich data from Malawi shows substantial demand for a digital loan with a base interest rate of 10% over 15 days, yet most borrowers are not aware of loan terms, repay late and incur substantial late fees. Regression discontinuity analyses show no evidence that access to small digital loans harms consumers’ perceived well-being. A short, randomised, phone-based financial literacy intervention improved knowledge, but did not increase timely loan repayment and modestly increased loan demand, ultimately increasing the likelihood of ever defaulting.