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Borrowers blacklisted on CRBs hit 3.2 million
Loan default rates are expected to jump in the wake of the coronavirus outbreak that has hit consumer demand and forced businesses to shed jobs and cut back their operations. FILE PHOTO | NMG
More than 3.2 million Kenyans are today negatively listed as loan defaulters with the country’s credit reference bureaus (CRBs) in an economy where job cuts and near stagnant wages has left thousands of people in a debt trap.
Data from the CRBs show that the accounts negatively listed has jumped from 2.7 million last year, most of them linked to mobile digital borrowers.
