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Fridges and TVs surpass cars as bank loan collateral
Kenya enacted the Movable Property Security Rights Act in 2017, which provided a legal framework that governs the use of movable property as collateral.
Household goods such as television sets and fridges have surpassed motor vehicles as collateral for short-term bank loans, signalling increased economic hardship for families in Kenya’s soft economy.
The Business Registration Service (BRS) has revealed that 291,099 pieces of household items have been used to secure loans since July 2021, which is more than any other type of movable property.
