Government to write off KSH. 6 Billion in defaulted loans

Principal Secretary for Micro, Small and Medium Enterprises Development, Susan Mag'eni that the government will seek to write off bad loans amounting to six billion shillings borrowed by 10 million Kenyans in 2022. Mag'eni, who appeared before the national assembly’s committee on trade, industry and cooperatives, says the borrowers have failed to pay despite borrowing the cash more than two years ago. The PS who defended the performance of the fund indicated that 9 million borrowers were actively borrowing and urged MPs to approve a 5 billion injection into the fund this financial year.