Central Bank of Kenya (CBK) Governor Dr. Patrick Njoroge on Wednesday announced that banks had taken measures to prevent the potential spread of Coronavirus through currency.
Dr. Njoroge announced that banks had agreed to renegotiate repayment with the borrowers on personal loans that Kenyans have taken from the banks.
For personal loans, borrowers have been asked to speak with their banks and when agreed, customers will be given up to a one-year extension to pay back. Priority will be given to customers who took loans as from March 1, 2020.
“The costs of all these restructuring and extensions will be borne by the banks, so no cost to the borrower,” Said Governor Njoroge.
As part of the measures to calm the economic situation as lockdown looms, Governor Njoroge said that balance inquiry charges had been waived by all banks.
“In order to further facilitate the use of mobile money digital platforms, banks will waive all charges for balance inquiry.” Said the Governor adding that “banks will also ensure that the transfer from the account to the mobile wallet will be costless, and this should have been done a couple of days ago.”
The waiver was scheduled to begin on Wednesday until further notice.
Governor Njoroge also announced that all cash received by CBK from the banks will be continually quarantined for at least one week to ensure the virus is not transmitted through banknotes.
