Kenyan Banks Offer Relief To Borrowers Following Coronavirus Outbreak

Central Bank of Kenya

Banks in Kenya have offered relief to loan borrowers following dreadful Coronavirus outbreak. The banks have specified appropriate measures that will be applied to stabilize the economy from the unpropitious effects of the deadly Coronavirus (Covid-19).

While speaking on Wednesday morning in a meeting attended by HE President Uhuru Kenyatta, Central Bank of Kenya (CBK) Governor Dr. Patrick Njoroge pointed out that banks will review all personal loans just to make sure that borrowers in despair are given more time to repay them.

He also retaliated that lending institutions have come to an agreement to prolong repayment periods for all personal loans for up to a period of one year.

READ ALSO: Uber To Temporarily Suspend Accounts Of Drivers and Riders With Coronavirus

Corporate and Small and Medium Enterprises (SMEs) loans will be reviewed as well for extension of repayment for up a period of one year or for the purposes of offering a moratorium.

Dr. Njoroge added that banks will provide relief on personal loans based on individual circumstances arising from the effects of Coronavirus (COVID-19). All bank balance inquiry charges as well charges of transferring money from bank accounts to mobile money have also be scrapped at least within this period.