Kenyan banks grant a one-year personal loan relief

The Central Bank of Kenya has issued new generation banknotes following the promulgation of a new constitution that raised hopes for a newborn and prosperous Kenya.
A general view shows the headquarters of the Central Bank of Kenya along Haile Selassie Avenue in Nairobi, Kenya, November 28, 2018. REUTERS / Njeri Mwangi

Kenyan banks will allow personal borrowers struggling with 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 COVID-19, and the government has taken measures to reduce the spread, including banning public gatherings and closing schools indefinitely.

“We don’t want this health crisis to turn into a financial crisis,” Governor Patrick Njoroge said at a televised press conference.

Small and medium-sized businesses that run into trouble could also restructure their bank loans for free, he added.

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