Kenya's private sector credit growth plunged to 0.9% from a peak of 13.5% and has now rebounded to 4.4%

Private sector credit growth peaked at 13.5% in Q4 2023.
Growth remained stable between 12 and 13% throughout 2022 and 2023.
A sharp decline began in 2024, dropping to 11.5% in Q1.
Credit growth plunged to 5.4% in Q2 2024, showing a steep contraction.
The lowest point was Q4 2024, at just 0.9%.
A rebound started in early 2025, with growth rising to 2.4% in Q1.
By Q2 2025, private sector credit growth recovered to 4.4%, though still far below its 2023 highs.

Kenya’s private sector credit growth has fluctuated between 2022 and 2025. The growth rate peaked at 13.5% in Q4 2023 but then sharply declined, hitting a low of just 0.9% in Q4 2024. This collapse highlights the strain on credit expansion during that period, before showing signs of recovery with a rebound to 4.4% in Q2 2025.

Source:

Central Bank of Kenya

<div style="text-align: center;"><a href="https://intelpoint.co/insights/kenyas-private-sector-credit-growth-plunged-to-0-9-from-a-peak-of-13-5-and-has-now-rebounded-to-4-4/" title="Kenya&#039;s private sector credit growth plunged to 0.9% from a peak of 13.5% and has now rebounded to 4.4%"><img src="https://intelpoint.co/wp-content/uploads/2025/09/q-on-q-growth-in-total-credit-to-private-sector-in-kenya-2022-2025-68d06255dcfe2-scaled.webp" style="width: 80%; height: auto; max-width:960px;-ms-interpolation-mode: bicubic; margin: 0 auto; display: block;" alt="Chart: Kenya's private sector credit growth plunged to 0.9% from a peak of 13.5% and has now rebounded to 4.4%"/></a><br><span>Find more insights at <a href="https://intelpoint.co/insights?utm_source=Insight%20Embed&utm_medium=HTML&utm_campaign=Kenya%27s+private+sector+credit+growth+plunged+to+0.9%25+from+a+peak+of+13.5%25+and+has+now+rebounded+to+4.4%25" target="_blank" style="color: #4f9acc; text-decoration: none;">Intelpoint</a>.</span></div>Copied to clipboard!

Period:

Q2 2022 - Q2 2025

HTML code to embed chart

Want a bespoke report?

Reach out

Tags

Related Insights

Private sector lending in Kenya is concentrated in manufacturing, trade, and households, accounting for a combined 54.5%

Private households hold the largest share of credit at 27.8%.
Trade accounts for 14.4% of outstanding private sector loans.
Manufacturing makes up 12.3% of the private sector credit share.
Combined, households, trade, and manufacturing absorb 54.5% of all private credit.
Consumer durables contribute 9.4% of outstanding loans.

Nigeria’s private sector growth slows for the third straight month in 2025, but still outperforms 2024

June 2025 PMI: 51.6, down from 52.7 in May — marking a three-month slowdown in growth.
Still 2.99% above June 2024 levels, when PMI was 50.1 — confirming year-on-year improvement.
The June dip reflects subdued demand and persistent inflation, echoing broader market sentiment.
A PMI above 50 signals expansion; Nigeria’s figure signals ongoing growth, though losing speed.

Nigeria’s private sector growth slows for the third straight month in 2025, but still outperforms 2024

June 2025 PMI: 51.6, down from 52.7 in May — marking a three-month slowdown in growth.
The figure is 2.99% above June 2024 levels, when PMI was 50.1 — confirming year-on-year improvement.
The June dip reflects subdued demand and persistent inflation, echoing broader market sentiments.
A PMI above 50 signals expansion; Nigeria’s figure signals ongoing growth, though losing speed.