Kenya’s president Uhuru Kenyatta has reportedly approved a law that allows low income earners to secure loans from banks using movable assets such as livestock, fridges and even TVs as collateral.
According to BBC, the law is aimed at boosting the east African country’s economy and making it easier for young people and small scale farmers to secure loans.
The chief executive of the Kenya Bankers Association, Habil Olaka, welcomed the new law, saying: “It is a good development for the industry”, as banks were unable to give out credit to people who wanted to use their movable assets as surety.
Kenyatta signed the Movable Property Security Rights Bill 2017 before his trip to the 3rd London conference on Somalia, Capital FM reported.
Kenyatta left for the conference on Sunday evening.