Digital lenders cut a million accounts from micro-lenders

Struggling microfinance banks (MFBs) lost close to one million deposit accounts in one year, reflecting tough times faced by the small lenders.

A new survey by the International Monetary Fund (IMF) released on Tuesday shows that deposit-taking microfinance entities regulated by the Central Bank of Kenya (CBK), had 1,070,561 deposit accounts, a drop of almost half from 2,036,627 in the previous period.