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Lenders Promise To Extend Loan Tenures Amid COVID-19 Pandemic

Family Bank of Kenya

Central Bank regulated lenders have again promised to extend even more the loan repayment period in a move to cushion borrowers affected by COVID-19 pandemic.

Borrowers who took loans between 18th March and 30th March will enjoy a loan repayment holiday because Coronavirus negative impact is becoming evident.

During a private press conference with the CBK ,banks revealed they have up to ksh 9.9 billion in loans to be restructured already submitted to borrowers between 18th March and 30th March 2020.

The Government through CBK previously directed banks to grant loan payment extension up to 1 year on application and approval to customers with loans due by 2nd Mrch 2020.

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