Friday, May 08, 2020

Only 8,000 Have Received Loan Repayment Reliefs From Banks

    May 08, 2020   No comments


CBK Governor Dr Patrick Njoroge
Central Bank reports shows that only 6,430 retail customers have received loan repayment relief , a number extremely low at 9nly 1.2 percent.

Commercial banks promised to give loan repayment holidays in March for up to a period of 1 year to customers negatively impacted by Coronavirus pandemic.

The lenders however seem to have placed stricter qualifications for customers who were looking to get the relief as promised. The total amount of loans from retail customers so far approved to enjoy the holiday is ksh 9.9billion.

On the other hand , only 1,841 small and medium enterprises accounts have successfully been approved to enjoy loan repayment holidays, with loan amounting to ksh 81billion .

In total from all commercial banks as recorded, 8,271 accounts received the loan repayment relief as promised by the banks to cushion Kenyans from the effects of COVID-19.

In case the pandemic will persist, CBK is expecting an increase in the number of customers, both retail and business , who will apply and qualify for the loan repayment relief.
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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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