A third of Kenyan loan accounts are listed as defaulted with the country’s credit reference bureaus (CRBs) in an economy where Covid-induced job cuts, business closures and runaway inflation have pushed thousands of people into a debt trap.
Central Bank of Kenya (CBK) data indicate seven million of the 19 million accounts listed with the CRBs have been in default, and include 4.2 million linked to mobile phone loans.
