Owners of small businesses are headed for tough times after Equity Bank #ticker:EQTY announced it is cutting down unsecured and micro loans to comply with a new set of global accounting rules on loan loss covers.
Equity group chief executive James Mwangi said the lender was moving away from unsecured and small business loans — which are deemed risky — ahead of the coming into force of the new guidelines, technically referred to as International Financial Reporting Standard (IFRS) 9.
