Category: Loans
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More farmers shun banks for loans, go informal
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More farmers are turning to informal groups, buyers of their produce, and the Hustler Fund for loans to invest in their projects, amid rising interest rates on bank loans. In just two months through May, the number of farmers borrowing from informal savings and credit groups nearly tripled, and the…
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DeFi Loans Surging To Record 11 Billion And What Does It Means For Market
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The decentralized finance (DeFi) scene has been on the rise recently, with the total value locked (TVL) in DeFi loans reaching $11 billion, the highest level in two years. This explosive growth has been driven by a myriad of factors, including the relentless pursuit of higher returns, the evolving strategies…
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800,000 get ‘Hustler’ loans outside system
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The Hustler Fund issued loans worth Sh465 million to 809,351 Kenyans who had not registered for the product, exposing flaws in the operations of a microcredit scheme targeting low-income groups. Auditor General Nancy Gatongo revealed that people not included in the fund received cash during the first seven months of…
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CBK bags Sh12bn interest from loans to Treasury
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The Central Bank of Kenya (CBK) will receive a total benefit of Sh12.62 billion from emergency lending to the National Treasury in the financial year ending June 30, 2024, more than double original estimates after the policy rate hiked over the past 12 months. A report on Consolidated Fund Services…
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France topples China on loans as President Ruto looks West
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France and Germany have overtaken China in budgeted loans from rich countries for the new year that begins in July, highlighting President William Ruto’s realignment with the West in a foreign policy shift from that of his predecessors. In its budget books, the Treasury listed France as the largest bilateral…