How Debt Took Down East Africa's Nakumatt Empire

At its peak, the Nakumatt retail chain had 63 stores across East Africa. Today, the regional branch count has nearly halved to 34, with 27 stores in Kenya, three in Rwanda and four in Tanzania - and 1,500 people are out of jobs. CEO Atul Shah is clear on what caused the meltdown: the business expanded too fast on borrowed funds.



Nakumatt Managing Director Atul Shah during an interview at his office.

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