Half of the small businesses in Kenya still blame the high cost of credit as the biggest barrier to financial access, pushing them to opt for informal options such as shylocks to cover liquidity shortfalls.
A survey to be launched on Tuesday by the Financial Sector Deepening Kenya (FSD Kenya) and the Financial Access Initiative (FAI) at New York University (NYU) shows that 49 percent of micro, small, and medium-sized enterprises found that high-interest rates and strict repayment timelines prevent them from accessing credit.
