{"id":20350,"date":"2021-01-06T19:11:45","date_gmt":"2021-01-06T19:11:45","guid":{"rendered":"https:\/\/www.africa-press.com\/kenya\/?p=20350"},"modified":"2021-01-06T18:09:01","modified_gmt":"2021-01-06T18:09:01","slug":"kenyans-use-cows-tvs-to-access-loans-worth-ksh26-8b-cbk","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyans-use-cows-tvs-to-access-loans-worth-ksh26-8b-cbk","title":{"rendered":"Kenyans Use Cows, TVs to Access Loans Worth Ksh26.8B – CBK"},"content":{"rendered":"

Africa-Press<\/a> – Kenya<\/a>. <\/strong><\/span>Kenyans have borrowed Ksh26.8 Billion by using livestock, household assets and office equipment as collateral.<\/p>\n

Data from the Central Bank of Kenya (CBK) showed that from July to November 2020, individuals and businesses increased the use of personal assets to access credit compared to the previous quarter.<\/p>\n

The Ksh26.8 Billion borrowed was exponentially more than Ksh1.7 Billion borrowed using the movable assets between April and May 2020.<\/p>\n

A study by the Central Bank further showed that household items, motor vehicles, furniture, office equipment, livestock, crops, stocks, intellectual property such as signed contracts by artistes, and inventory are some of the moveable assets that have financial institutions have accepted as collateral.<\/p>\n

The enactment of the Movable Property Security Rights Act 2017 has accelerated the use of personal assets to secure loans.<\/p>\n

The legislation put out terms to facilitate such transactions including the requirement for borrowers to register their collateral on the eCitizen online platform, under the business registration service.<\/p>\n

At the same time, Kenya’s Banking Sector recorded growth in the quarter ending September 30, 2020, compared to the June 30, 2020, quarter.<\/p>\n

A credit survey by CBK found banks expect to intensify their credit recovery efforts in ten economic sectors. The intensified recovery efforts are aimed at improving the overall quality of the asset portfolio.<\/p>\n

On January 4, Loan defaulters were put on alert after banks were allowed to resume Credit Reference Bureaus (CRB) service after a three-month notice sent to a defaulting borrower.<\/p>\n

On October 1, 2020, CBK lifted the six-month freeze for listing defaulters who were cushioned during the Covid-19 pandemic.<\/p>\n

At the same time, commercial banks in Kenya began the process of pushing for payment of interest accrued on loans during the pandemic.<\/p>\n

The banks and lenders also hinted at conducting auctions for collaterals as they seek to recover the funds issued through loans.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Kenyans have borrowed Ksh26.8 Billion by using livestock, household assets and office equipment as collateral. Data from the Central Bank of Kenya (CBK) showed that from July to November 2020, individuals and businesses increased the use of personal assets to access credit compared to the previous quarter. The Ksh26.8 Billion borrowed was […]<\/p>\n","protected":false},"author":84,"featured_media":20349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6857,7003,544],"class_list":["post-20350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nKenyans Use Cows, TVs to Access Loans Worth Ksh26.8B - CBK - kenya<\/title>\n<meta name=\"description\" content=\"Kenyans have borrowed Ksh26.8 Billion by using livestock, household assets and office equipment as collateral.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyans-use-cows-tvs-to-access-loans-worth-ksh26-8b-cbk\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kenyans Use Cows, TVs to Access Loans Worth Ksh26.8B - 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