CBK ; Loan Defaulters Rise Due To Job Losses

Central Bank report shows the number of defaulters has risen in the past three years with a total debt of kes52.3 billion.

Most of the borrowers had no choice but default as a result of job loss when companies were cutting off jobs.

Personal unsecured loan defaults were top on the list at kes3.6 billion rise in three months. Minimal defaults occurred in mortgages, trade and manufacturing.

Unsecured loan borrowers were mostly looking to solve short term problems like buying food, household items, rent or health emergencies.

Source
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