Bank charges that have been waived over Coronavirus

Reprieve for Kenyans

File Image of Central Bank of Kenya. Banks to renegotiate loan repayment, balance inquiry charges waived - CBK Governor Patrick Njoroge

Central Bank of Kenya (CBK) Governor Patrick Njoroge on Wednesday announced that banks had taken measures to prevent potential spread of Coronavirus through currency.

As part of the measures to bring relief to Kenyans during the lockdown period, Governor Njoroge announced 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.

"The banks will also ensure that the transfer from the account to the mobile wallet will be costless, and this should have been done couple of days ago," he stated.

The waiver was scheduled to begin on Wednesday until further notice.

Loan repayment extension

While commenting on personal loans that Kenyans have taken from the banks, Governor Njoroge announced that banks had agreed to renegotiate repayment with the borrowers.

He explained that for personal loans, borrowers will need to speak with their banks and where agreed, customers will be given up to one year extension to their repayments.

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," Governor Njoroge explained.

The Governor 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 currency notes.

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