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Kenyan banks to offer relief to distressed borrowers -central bank

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NAIROBI (Reuters) – 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 four 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.

(Reporting by Duncan Miriri and George Obulutsa, editing by Louise Heavens)

This article was first published on Reuters Africa https://af.reuters.com/article/investingNews/idAFKBN21512O-OZABS and is republished with its permission.

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