Real People Kenya, a micro-lending financial solutions provider, widened its losses to KSh 93 million in 2023, from a net loss of KSh 85.3 million in 2022. Revenues declined to KSh 80.1 million in 2023 from KSh 82.9 million in 2022.
- •The lender’s balance sheet size shrunk to KSh 465.8 million in 2023 from KSh 514.7 million in 2022.
- •Operating expenses decreased further by KSh 2 million as the firm executed cost-cutting measures and process change in 2023.
- •According to the firm’s directors, revenue growth was curtailed due to a decline in the loan book as a result of liquidity constraints to support the loan book growth.
An audit report by NEXIA SJ Kenya LLP has raised concerns in respect of the firm’s 2023 financial year, based on the outstanding financial liabilities with the noteholders and material uncertainty related to going concern. The firm, which began operations in Kenya in 2006, targets firms in the mass market with a particular interest in SMEs in Kenya, Uganda, and Tanzania.
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