Borrowers selling assets to pay off loans – CBK

More than 50% of borrowers sold assets, borrowed to repay or cut back on expenses to service their loans in the last two years, according to a Financial Access survey by the Central Bank of Kenya, FSD and the Kenya National Bureau of Statistics.

The data also found that 25%of borrowers were using more than half of their income to repay loans. The survey showed improved savings with 70 percent of saving formally, informally or at home with the mobile wallet proving to be the most popular savings device followed by the chamas.