The Kenyan economy showed resilience by the end of 2023, recording growth in gross domestic product (GDP), which increased to 5.9 percent in the third quarter of last year compared to 4.3 percent in the same period in 2022.
The Kenya n economy showed resilience by the end of 2023, recording growth in gross domestic product , which increased to 5.9 percent in the third quarter of last year compared to 4.3 percent in the same period in 2022.
It was also noted that the depreciation of the Kenyan shilling against major international currencies put further pressure on the local economic and credit landscape. The report showed the banking sector remained the backbone of the credit industry with the highest loan balances, accounting for 96.16 percent of the market with 27.03 million active accounts.
"At more than 10.44 million loan accounts, low value overdrafts are the lifeblood of accessible credit in the Kenyan market. These represent a significant 34.89 percent of all active loan accounts, holding a balance of Sh13.06 billion," the report noted.
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