Thursday, December 1, 2022
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Loan sharks resurface as demand for informal lending spikes

After digital lenders and buy-now-pay-later (BNPL) platforms flourished, the loan shark businesses re-emerged as the latest segment reaping big from the credit boom.

The loan shark business, whose activities in Kenya slumped following the entrance of digital lenders in recent years, has lately thronged Kenya’s informal sectors, attracting cash-strapped consumers in need of quick loans.

Kenya’s economy is witnessing an increased demand for loans mainly for working capital and individual support, with the economy reeling on the back of the pandemic and the ongoing Ukraine war.

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