More people turned to loans to fund Christmas, report reveals

Hawkers sell the goods at the city center as businesses reopen after Christmas holidays. [Photo by Beverlyne Musili/Standard]

More individuals and households took up credit from banks over the festive season, according to a Central Bank of Kenya survey.

The heightened political activity towards the end of last year, however, saw demand for credit among real estate developers decline, according to the CBK's 'Commercial Credit Officer’s Survey' for between October and December last year. “Demand for credit in the building and construction sector decreased, with 32 per cent of the respondents indicating so. This may be attributed to a challenging business environment,” said CBK.