Microfinance banks’ net losses rise 77pc to hit Sh1.3 bn on low income

Kenya’s 14 microfinance banks’ net loss jumped 77.5 percent to Sh1.3 billion as at December last year compared to a similar period the previous year mainly on reduced income.

A new report by the Central Bank of Kenya (CBK) shows that the Sh569 million rise in loss after tax from Sh734 million in the prior year, came as customer deposits and income dropped while expenses increased.