Kenyans: 'New loan rates huge burden for us'

NAIROBI: The recent sharp rise in borrowing rates has seen Kenyans caught up in an unprecedented squeeze on their incomes after banks issued them with notices informing them of an impending upward review of their loan repayments.

Funds borrowed at about 15 per cent months ago have now been re-priced at anywhere between 24 and 30 per cent. For most, that could translate to double the amount repayable every month.