By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Newsunplug KenyaNewsunplug KenyaNewsunplug Kenya
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Reading: Blacklisted mobile loan accounts hit 19.97 million
Share
Notification Show More
Font ResizerAa
Newsunplug KenyaNewsunplug Kenya
Font ResizerAa
  • News
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Newsunplug Kenya > Blog > Business > Blacklisted mobile loan accounts hit 19.97 million
Business

Blacklisted mobile loan accounts hit 19.97 million

hallanaija
Last updated: May 10, 2023 8:53 am
hallanaija
2 years ago
Share
CBK
SHARE

The number of negatively listed mobile loan accounts jumped by over three million or 24 percent last year, highlighting the financial distress that has left Kenyans struggling to settle the soft loans.

Data by Metropol–one of the three licensed Credit Reference Bureaus (CRBs) shows that the number of mobile loans accounts that were in arrears for more than 90 days jumped to 19.97 million from 16 million a year earlier and 18.9 million in 2020.

The jump highlights the hardships bedevilling borrowers who have over the years increasingly tapped mobile loans, which are easy to access and raise cash for daily bills amid the economic hardships.

The increase also signals that a majority of the accounts had tapped loans exceeding Sh1,000, thereby making them ineligible to benefit from the Central Bank of Kenya directive that barred the negative listing of loans worth less than Sh1,000.

accounts

“The highest increases are in mobile banking loans and overdrafts. This is mainly due to the increase in Fuliza loans linked to NCBA Bank,” Metropol says in the report.

READ MORE  Multinationals lift demand for high-end Nairobi offices

The growth in black-listed accounts points to an increasingly difficult position for borrowers to get credit given that lenders turn away negatively-listed borrowers or give them loans at high-interest rates due to their high risk of defaulting.

Metropol is one of the three registered Credit Reference Bureaus alongside TransUnion and Creditinfo International.

The data further shows that the negatively listed mobile loans for last year were higher than the 18.9 million that were listed at the peak of the Coronavirus-economic fall-out that had eroded the ability of borrowers to repay loans.

KICC earned Sh1.07 billion revenue in 6 months CS Mutua Says
CBK approves acquisition of Spire Bank by Equity Bank
Manufacturers protest rise on stamp fees for beer, cosmetics
Kenya’s Double-Digit Debt Costs Sign Of The Tough Times
‘Not Every Parent Pays Fees With Chicken,’ Kamukunji MP Argues
Share This Article
Facebook Email Print
Previous Article olunga Olunga eyes Best Player accolade after league success
Next Article Shock as man hides father’s body in freezer
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

Recent Posts

  • This VIDEO of controversial ‘content creator’ ALICIA KANINI ‘stretching’ has sparked wild reactions (WATCH)
  • US embassy guard in Norway charged with spying
  • Ex-governor Lonyangapou, 7 others acquitted in procurement case
  • Kenyan passport falls two places in global ranking
  • Two Real Madrid players favourites to take No.9 shirt from Mbappe

Recent Comments

No comments to show.
Newsunplug KenyaNewsunplug Kenya
© Newsunplug Kenya. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?