Safaricom and NCBA Bank have announced that all M-Shwari late payment sanctions including rollover fees will be deferred by 30 days.
Also, all CRB listing of M-Shwari customers who have defaulted their loans will be suspended for the next 90 days.
This comes few days after the Central Bank of Kenya (CBK) announced measures to protect borrowers during this period of Coronavirus (Covid-19) pandemic.
In one the measures announced by CBK governor Dr Patrick Njoroge, banks will review requests from borrowers for extension of their loan for a period of up to one year.
Read: Cytonn Ranks KCB As The Most Attractive Bank In Q3 of 2019
“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,” Dr Njoroge said.
Emergency measures will only apply where loan repayments were up to date as at March 2.
CBK also said medium-sized enterprises (SMEs) and corporate borrowers could also contact their banks for assessment and restructuring of their loans based on their respective circumstances amid the pandemic.
“Banks will meet all the costs related to the extension and restructuring of loans,” CBK said.
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