Banks alarmed as Kenyans shift to daily survival loans 


Kenyan banks are concerned more borrowers are turning to survival loans. PHOTO | SHUTTERSTOCK

Kenyan borrowers are increasingly turning to survival loans to meet pressing needs such as food and rent, pointing to rising debt distress that risks pushing the stock of loan defaults towards the Sh700 billion mark.

Kenya Bankers Association chairperson John Gachora said the industry was seeing a reduced appetite for loans towards capital expenditure such as construction or expansion of businesses. Instead, those borrowing for short-term needs are the ones driving up the growth in the loan book.

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