Kenyan Banking Sector joins the quest to contain effects of coronavirus

During a briefing led by President Uhuru Kenyatta, the banking sector has promised to work closely with other stakeholders to make lives easier for Kenyans during these difficult times.

speaking during the briefing, CBK Governor Dr. Patric Njoroge has outlined a number of measures set by the regulator and the banks. These measures include

1.) Cash to be quarantined at the banks for a week before being circulated.

2.) Free mobile transactions for transactions of values below Ksh 1000

3.) Mobile wallets to increase the limits that can be transacted per day.

4.) Free transfer of money from banks to mobile wallets and vice versa

Dr. Patric Njoroge has said that there is a need to contain this health crisis so that it does not result in an adverse financial crisis. Dr. Patric has said that all personal loans are open for reviews. The borrowers are advised to visit their banks and request an extension of the limit. The maximum extension has however been limited to one year.

SMEs have also been encouraged to visit their banks to discuss a restructuring of their loans. All the costs for the extensions shall be born by the banks.

On his part, the president thanked the banking sector for their fast response. He noted that we are facing a health crisis that has the potential of resulting in financial and economic crisis.

The president has further warned traders against taking advantage of the current situation to hike prices. Action will be taken against any traders who are found hiking prices to get exorbitant profits.

Leave a Reply