Kenyan Microfinance Banks Report KSh 2.4 Billion Pre-Tax Loss in 2023 Because of Rising Expenses and Stiff Competition
Kenya’s microfinance banks (MFBs) are grappling with substantial financial setbacks, recording a loss of KSh 2.4 billion before tax by December 2023, a sharp increase from KSh 980 million in the previous year. This rise in losses signals serious difficulties in the sector, influenced by several critical factors. Key Factors Behind the Losses Major Contributors…