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Banks in race to stabilise SMEs, avert mass defaults
Co-op Bank Group CEO Dr Gideon Muriuki, Finance and Planning Cabinet Secretary Prof Njuguna Ndungu and Governor Central Bank of Kenya Dr Kamau Thugge put heads together during the launch of the Central Securities Depository at the Central Bank of Kenya headquarters in Nairobi on September 11, 2023. PHOTO | POOL
Banks are racing to stabilise the operations of small businesses and ward off mass loan defaults in the wake of a barrage of shocks including the weakening shilling, dollar dearth and rising interest rates.
Convergence of these headwinds has ripped up the playbook of most lenders as they move to stave off a resurgence in non-performing loans in an economy where businesses and individuals have also been hit with new taxes.
