Businesses and Coronavirus

Global information and insights company TransUnion says Kenya’s financial services providers and consumer credit market will have to drive a robust, proactive response to the COVID-19 crisis if they are to manage the risks to the industry, with the pandemic expected to have a major impact on the country’s economy and the consumer landscape. Past crises and initial data suggest there will be ‘a significant reduction’ in the quality and volume of credit in Kenya as consumers and businesses grapple with lower income. What will define the COVID-19 pandemic for the consumer credit market is how banks and lenders respond to the challenges it presents, says Billy Owino, CEO of TransUnion Kenya. To help the consumer credit market respond to the crisis, TransUnion this morning launched its COVID-19...