For example, in less than two weeks, Bank of Kigali's (BK), "Turikumwe," a special salary loan product, has recorded more than 2,000 online applications and 150 loan approvals.

I&M Bank Rwanda reduced its base lending rate from 16.5 per cent to 16 per cent, as the bank moves to give its customers relief on their loan repayment burden during this time when the pandemic has dealt shocks to a number of sectors.

The lender has over Rwf170 billion in loans and advances to customers, and the reduction is expected to cost the bank between Rwf80 million and Rwf100 million in the initial months.

Following the central bank's directive that banks ease loan repayment by facilitating loan restructuring for their clients, banks have already done so for many of their customers, while others are still receiving and processing applications.

For customers who want to continue servicing their loan facilities, BK has waived all late payment penalties on term loans, including BK quick loans and credit card penalties for the months of March, April and May.