The Central Bank, CBK, of Kenya has come to the aid of millions of Kenyans servicing bank loans who may have difficulties in krepaying the loans in time. This is in a bid to mitigate the ripple economic effects caused by the Corona virus pandemic. Borrowers will now be given an extension to their repayment by one year; if they so wish.
Following a meeting with commercial banks on Monday, March 16, 2020, the Central
Bank of Kenya (CBK) announces a set of measures that commercial banks will undertake in order to alleviate the adverse economic effects their customers may face from the Coronavirus pandemic (COVID-19). While the extent of the adverse effects are still evolving, it is already evident that the impact on some of the customers may be sever,” reads a circular by the CBK dated Wednesday March 18, 2020.
According to the recent CBK guidelines, to help alleviate the adverse effects, the following emergency measures will apply for borrowers whose loan repayments were up to date as at March 2, 2020:
- Banks will seek to provide relief to borrowers on their personal loans based on their individual circumstances arising from the pandemic.
- To provide relief on personal loans, banks will review requests from borrowers for extension of their loan for a period of up to one year. To initiate this process, borrowers should contact their respective banks.
- Medium-sized enterprises (SMES) and corporate borrowers can contact their banks for assessment and restructuring of their loans based on their respective circumstances arising from the pandemic.
- Banks will meet all the costs related to the extension and restructuring of loans.
- To facilitate increased use of mobile digital platforms, banks will waive all charges for balance inquiry.
- As earlier announced, all charges for transfers between mobile money wallets and bank accounts will be eliminated.
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