Banks in 2024 issued more loans to cover household expenses such as furnishing homes, education and medical bills than starting and growing businesses for the first time in six years, reflecting a softening economic setting that prompted firms to defer projects.
Credit to households, usually secured by pay slips and individual assets, expanded by 9.2 percent, or Sh48.2 billion, to Sh572.3 billion in the year to December, according to data by the Central Bank of Kenya (CBK).
