Commercial banks’ lending to the private sector contracted 1.1 percent in the year to November 2024 on high borrowing costs, marking the first annualised dip since the Moi era in September 2002 when lenders cut their credit lines by 0.6 percent.
Central Bank of Kenya (CBK) data shows private sector credit from the banking system slowed during the 12 months, following a stagnation in October and a meagre growth of 0.4 percent in September.
