Kenyan banks offer one year relief on personal loans
CGTN
A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. /Reuters

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

Source(s): Reuters