Kenyan debtors struggle to hold onto assets as repossessions rise
A pick-up truck is towed by an auctioneer in Embu County, Kenya. Auctioneers say there is a glut of repossessed vehicles, land, homes and office equipment being sold off cheaply across Kenya. FILE PHOTO | NMG
The Nairobi car auctioneer hopefully scanned empty rows of rickety plastic chairs in a dusty lot for more bids but saw only too many vehicles and not enough buyers, an increasing problem as Kenya’s economy slows and repossessions pick up.
A severe drought earlier this year, a bank lending slowdown and prolonged political uncertainty are creating a growing pool of distressed borrowers whose assets are being seized by newly aggressive lenders.
