Kenya’s credit landscape has been growing in many forms, including unregulated lenders known as loan sharks, which leaves the East African nation’s authorities with an uphill struggle to deter risky informal loans.
After digital lenders and buy-now-pay-later platforms flourished, the loan shark businesses re-emerged as the latest segment reaping big from the credit boom., whose activities in Kenya slumped following the entrance of digital lenders in recent years, has lately thronged Kenya’s informal sectors, attracting cash-strapped consumers in need of quick loans.
Kenya’s economy is witnessing an increased demand for loans mainly for working capital and individual support, with the economy reeling on the back of the pandemic and the ongoing Ukraine war.The popularity of loan sharks, who do not pay taxes like their peers within the formal financial sector, is fuelled by the easy access to cash, compared to mainstream financial institutions that have lengthy and tiring procedures.Get unlimited access to our exclusive journalism and features today.
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