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Kenyan banks offer one year relief on personal loans

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Published on: June 16, 2023

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A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi

Kenyan banks will allow personal borrowers who get into difficulties due to the new coronavirus pandemic to extend their loans for up to a year, the central bank governor said on Wednesday.

The East African nation has seven confirmed cases of the COVID-19 and the government has imposed measures aimed at reducing its spreads including banning public gatherings and closing schools indefinitely.

“We don’t want this health crisis to become a financial crisis,” Patrick Njoroge, the governor, told a televised news conference.

Small and medium enterprises who encounter difficulties will also be allowed to restructure their bank loans at no cost, he added.

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