KCB Mobile Loans: Kenya Commercial Bank has announced that is has set aside Sh. 30 billion for lending to Kenyans, including those who were listed on CRB for failing to repay small amounts.
These funds will be available through the KCB mobile lending platform KCB M-Pesa. According to KCB chief executive officer Joshua Oigara, the bank will extend borrowing limits and repayment periods for customers who qualify and those with existing loans during the next 90 days.
“We shall open credit limits to those customers who had been listed because of defaulting on small amounts, but who are now repaying their loans. Customers who need relief are advised to get in touch with us to work out the respective support areas,” said Mr Oigara. He added that the bank will foot the legal costs associated with the loan restructuring.
“We have a role to continue supporting the economy and stimulating growth. The best remedy as our economy starts to slow down is to support our customers to get along with their lives, and to protect jobs by providing additional lending. We have been in crises before, but if we pull together, even in this environment, we will get the solutions Kenya needs,” Oigara said on the KCB mobile loans.