Individuals and households are increasingly borrowing more from Saving and Credit Cooperative Organisations (saccos) and microfinance banks than commercial banks as Kenyans seek loans at lower interest rates.
Total loans issued to private households by Saccos and microfinance banks were recorded at Sh600.70 billion out of Sh1.12 trillion issued to the sector by the financial institutions as of January 2023, according to data from the Central Bank of Kenya (CBK).
