COVID-19: KCB restructures Sh115.1b loan facilities to cushion customers
Friday, May 22nd, 2020
KCB Bank Kenya has restructured loan facilities worth over Sh.115.1 billion to cushion customers against the effects of the COVID-19 pandemic.
The debt-relief measures have seen customers apply for their loans to be restructured, credit lines expanded and loan tenures extended to keep them financially afloat.
Since mid-March, the Bank has approved the restructuring of Sh 91.3 billion worth of corporate loans and an additional Sh.20.4 billion in loans to mortgage customers.
A further Sh 3.4 billion for retail customers has also been approved. The debt-relief measures have seen customers apply for their loans to be restructured, credit lines expanded and loan tenures extended to keep them financially afloat.
KCB Group CEO and MD Joshua Oigara said customers can still seek deferment of loan payments on their personal, business, corporate and housing loans for disruptions caused directly by the COVID-19 pandemic.
“We made a promise after the pandemic that we would walk the difficult journey ahead hand in hand with our customers.
"We are therefore offering relief to our customers, upon application so that they are able to weather this storm that was unforeseen the world over.
"We believe this will not only cushion businesses but create a multiplier effect that will ultimately help to save jobs,” said Oigara.
“We know that the pandemic has affected everyone and we are offering extended financial assistance to provide additional relief to our customers to meet their needs and ambitions.
"We believe this will go a long way in helping them navigate through their most urgent and challenging situations.
The relief accommodation is being extended to distressed customers upon request and on a case-by-case basis, based on their circumstances arising directly from the pandemic."