According to the latest FinAccess survey by CBK focusing on lending to MSMEs, the number of MSME loan accounts and loan values have been growing at an annual average of 12 and 16 per cent since 2017. On a collective basis, 83 per cent of total loan accounts were held by micro-enterprises, 12 per cent by small enterprises and five percent by medium enterprises. This amounted to 22.4 percent of total MSME loan accounts and 15.5 percent of the total value of outstanding MSME loans. The total accounts are written off constitute 0.6 per cent of total MSME loan accounts and 0.4 per cent by value. Total loan accounts stood at 11.4 million while the total number of deposit accounts (in both commercial and microfinance banks) stood at 72.5 million.

Source: The Star July 21, 2021 00:56 UTC