It is emerging that most Kenyans are not saving or borrowing money from financial institutions as usual. [Photo/potentash.com]
Financial institutions in Kenya have begun feeling the effects of the ongoing political anxiety following the Supreme Court’s decision to annul the presidential election.
Many of the institutions are not able to meet the loan demands while deposits have fallen to an all-time low.
At the Savings and Coperative societies (SACCOS), it has emerged that members are not saving or borrowing as is the norm.
According to Stima Sacco board Secretary Asman Khatolwa, there are fears that the current confusion could degenerate into anarchy thereby affecting crucial services.
He said in some cases, Kenyans are opting to keep money in their houses.
Khatolwa was speaking when STIMA Sacco opened a new branch at Olkaria area on the southern part of lake Naivasha.
The IEBC had set October 17 as the date for fresh presidential poll, following the Supreme Court's ruling.
The date, however, may be changed after OT-Morpho, a French IT company that supplied the electronic system used in Kenya’s nullified election last month has told the election commission its technology will not be ready to use again by the October 17 date set for a re-run of the vote.