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Debt

Kenya is spending close to Sh22 billion more to service loans compared to last year.

| Pool

Enterprise

Premium

How loan sharks are killing small businesses

By  Brian Ocharo

Correspondent

What you need to know:

  • Mr Mwanyanje failed to repay the loan and the Mombasa-based lender would not find him.
  • Canva filed a case in the Micro and Small Enterprises Tribunal in Mombasa seeking to recover the money plus interest.

In February last year, Mombasa resident Dennis Mwanyanje applied for a Sh20,000 loan from Canva Trading Kenya Ltd, a small microfinance institution.

Canva issues soft loans to small businesses to buy motorbikes for riders on hire-purchase.

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