Central Bank Governor Patrick Njoroge. [David Gichuru, Standard]Central Bank of Kenya (CBK) Governor Patrick Njoroge has warned that household debt has risen to unsustainable levels, compounded by the economic effects of the Covid-19 pandemic. Speaking to Members of Parliament yesterday, Dr Njoroge said Kenya is witnessing a crisis in household debt largely fuelled by unregulated digital lending platforms. “We have more than 100 unregulated digital lenders and about 8.3 per cent of the household population in the country use the credit channels,” he said. “We need to manage the interest rate system to make sure we do not destabilise private sector debt.” Central Bank Governor Patrick Njoroge.

Source: Standard Digital July 14, 2021 05:45 UTC