Banks in Kenya have outlined measures that will be applied to cushion the economy from the adverse effects of the novel coronavirus (Covid-19).
Speaking Wednesday during a meeting with President Uhuru Kenyatta at State House in Nairobi, Central Bank (CBK) Governor Patrick Njoroge said that banks will be reviewing personal loans to ensure that borrowers in distress are given more time to repay them.
Dr Njoroge said that banks have agreed to extend repayment periods for personal loans for up to one year.
Corporate and SME loans will also be reviewed for extension of repayment for a similar period or for purposes of offering a moratorium.
He said banks will provide relief on personal loans based on individual circumstances arising from the effects of Covid-19.
At the same time, the CBK governor said that all money coming from banks will be quarantined for one week before being released to Kenyans to guard against possible transmission of the novel coronavirus.