Kenya’s Biggest Bank Says Customers Taking Strain From Economy

Kenyan borrowers are being held back by economic headwinds including higher interest rates and increased taxes, according to the East African nation’s largest bank.

James Mwangi, chief executive officer of Equity Group Holdings.

Source: Bloomberg

James Mwangi, Equity Group Holdings Plc’s chief executive officer, said consumers were being pinched from numerous angles and “you see disposable income for most of the households shrinking by up to 30%.”

“That means reduced economic activities and that is reflected in the transaction volumes,” he said in an Oct. 12 interview in Marrakech, Morocco, during the annual meetings of the International Monetary Fund and World Bank.

Kenya’s economy grew by 5.4% in the ...