PHOTO | EVANS HABIL | NMG
Absa Kenya #ticker:ABSA has restructured Sh54 billion loans, equivalent to about 26.7 percent of its net loans at the end of March, as it seeks to cushion customers hit by the coronavirus crisis.
The lender says 90 percent of the reviewed loans are from workers hit by job cuts and unpaid leave and small businesses that need urgent help to survive the economic slowdown caused by the disease.
Bank loans in excess of Sh360 billion have been restructured, following a loosening of the rules by the Central Bank of Kenya (CBK) in March.
“We are working together with them (customers) through this loan relief programme to reduce the burden on their monthly financial obligations,” said Jeremy Awori, CEO of Absa Kenya.
The relief, which is being determined on a case-by-case basis, applies to personal loans, mortgages, asset finance, credit cards and business loans with the repayment holiday of up to three months.
