Kenya’s Biggest Bank Says Economic Woes Hurting Customers
- CEO says consumers’ disposable income is being pinched hard
- Transaction volumes shrink amid higher taxes, borrowing costs
James Mwangi.
Photographer: Andrew Caballero-Reynolds/BloombergThis article is for subscribers only.
Kenyan borrowers are being held back by economic headwinds including higher interest rates and increased taxes, according to the East African nation’s largest bank.
James Mwangi, Equity Group Holdings Plc’s chief executive officer, said consumers were being pinched from numerous angles and “you see disposable income for most of the households shrinking by up to 30%.”