Auctioneers strike as bad loans hit Sh264bn

Borrowers of personal loans and small business owners contributed nearly half of the Sh264.6 billion stock of total bad debt held by banks last year, revealing tough times for households hit by economic slowdown.

The annual sector report released by the Central Bank of Kenya (CBK) this week shows personal loan borrowers and traders defaulted on Sh121.4 billion debt in the year, accounting for 45.89 per cent of the industry total.