Kenya’s President Uhuru Kenyatta has approved a law which allows low-income earners to secure loans from banks using livestock, crops and household appliances such as television assets and fridges as collateral.
The law is aimed at boosting the economy by making it easier for women, young people and small-scale farmers to get loans.
Many women struggle to get loans because they do not own property.
The chief executive of the Kenya Bankers Association, Habil Olaka, welcomed the approval of the Movable Property security bill
“It is a good development for the industry, the absence of this law meant that banks could not advance credit to people presenting mobile assets as collateral’’.
Last month, Zimbabwe’s Finance Minister Patrick Chinamasa said he wanted a similar law to promote “financial inclusion” and give greater access to credit to those excluded under the current system.
But bankers have raised concerns about the definition of assets, most of which are susceptible to rapid depreciation in value, the UK-based Financial Times reported at the time.
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