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Microfinance banks suffer record loss as loans shrink
CBK disclosures show that microfinance banks have more than just losses and deposits to worry about. Their capital levels are falling and loan accounts.
Microfinance banks have posted a combined loss for the eighth straight year, highlighting the impact of raids on their turf by large banks and digital lenders.
Central Bank of Kenya (CBK) data shows that pre-tax losses by the 14 microfinance banks it regulates widened 2.4 times to a record Sh2.39 billion in the financial year ended December 2023 as their revenue shrank and operating costs piled.
