Kenyan borrowers have now defaulted on more than Sh596 billion in loans as rising interest rates wreak havoc on the country’s banking sector loan book, setting up more households and businesses for a fresh round of auctions and property seizures as lenders move to recover bad loans.
Latest data from the Central Bank of Kenya (CBK) show that the stock of non-performing loans (NPLs) in Kenya surged to a 16-year high of 15 percent in August, up from 14.5 percent in July. This translates to more than Sh596 billion, worked as a share of the total loan book.
