NAIROBI, Kenya, Apr 15 – Absa Bank Kenya PLC has restructured customer loans amounting to over Sh8.3 billion in the last two weeks as part of a bigger relief programme meant to help customers deal with the financial difficulties occasioned by the Covid-19 pandemic.
ABSA Bank Kenya Managing Director Jeremy Awori in a statement said under the programme, the bank is offering all customers an initial loan repayment relief of up to three months for Personal Loans, Mortgages, Asset Finance, Credit Cards as well as Business Loans.
Customers can request an extension of the repayment relief period to a maximum of 12 months which will be assessed on a case by case basis. Further, customers can extend their credit life insurance cover for three months at no additional cost.
“As the world continues to grapple with the Covid-19, the economic impact of the pandemic remains a great concern for our country, businesses and individuals. We understand that these are challenging times and we are working with our customers to support them get through these extraordinary times. In line with this, we have reviewed our credit terms and developed various options that we believe will cushion them against the prevailing financial difficulties,” Awori said.
Interested parties have until Thursday to apply for the loan extension services.
For its Bancassurance services, the bank said it is committed to support customers with all their personal and business insurance requirements during this uncertain time.
“We will continue to monitor the situation as it evolves and adjust its offering to provide customers with financial continuity during and beyond this pandemic.”
The Central Bank of Kenya last month ordered banks to consider measures that will soften pressure on borrowers as they support the fight against the spreading virus.