The 14 microfinance banks (MFBs) regulated by the Central Bank of Kenya (CBK) are confronting a chequered past for which they have been loathed for their tough loan recovery methods, which left borrowers in rural villages and informal settlements scrambling at the mere scent of their approach.
However, the executives argue that the fear of microfinance institutions acting like Shylock, in William Shakespeare’s The Merchant of Venice, coming for his pound of flesh is not of their own making.
