Inaccessible credit driving Kenyans to seek expensive loans

Majority of Kenyans, mostly in the rural areas, do not have access to affordable credit. This is despite the banking industry, a leader in the credit industry recording huge profits, in addition to unveiling various innovative financial products targeted at middle to upper income urban consumers.

"A significant portion of the rural population has no access to affordable credit and has to rely on State agencies like the Agricultural Finance Corporation or the more expensive microfinance institutions who specialise in short term lending," said Billow Kerrow, Chairman of the Finance Commerce and Budget Committee, Senate.