Subscribe to our newsletter and stand a chance to win TUKO branded gifts!
Thank you!
Check your email and confirm your subscription
You are already subscribed to our newsletter!
Check your inbox to be the first to know the hottest news
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Global site navigation
Local editions
PAY ATTENTION: Help us change more lives, join TUKO.co.ke’s Patreon programme.
Kenyan borrowers with outstanding loan balances on Zenka app will not have to pay accrued interest as of October 2022.
The digital lender announced it cleared off KSh 166 million in interest dues accrued by non-performing loans.
Zenka country manager Duncan Motanya noted that the wove was also informed by the adverse economic effects caused by the COVID-19 pandemic.
PAY ATTENTION: Follow us on Instagram – get the most important news directly in your favourite app!
Read also
William Ruto’s Gov’t Targets 4m Cryptocurrency Owners to Widen Tax Base
The company also plans to facilitate debt repayment, allowing customers a three-day grace period for those unable to repay in time.
This came even as the Central Bank of Kenya (CBK) introduced a debt repair policy to help Kenyan borrowers from blacklisting.
The Credit Repair Framework aims to improve the credit standing of mobile phone digital borrowers listed by CRB.
In the framework, lenders will give a 50% discount on outstanding digital loans as at the end of October 2022.
The borrowers will then be required to clear the remaining loan by May 31, 2023, after which their CRB ratings will be reviewed.
President William Ruto welcomed the move by financial sector players to bring reforms to the CRB.
Read also
Sri Lanka govt takes over $1.7 bn in debt owed to China
Ruto called for a mutual understanding and support for credit bureau facilities to allow Kenyans access to credit.
CBK urged borrowers to honour their debt obligations and repay on time.
The regulator also advised borrowers facing challenges in repaying loans to engage lenders for revised terms.
PAY ATTENTION: check out news exactly for YOU ➡️ find "Recommended for you" block and enjoy!
Source: TUKO.co.ke
Subscribe to our newsletter and stand a chance to win TUKO branded gifts!
Thank you!
Check your email and confirm your subscription
You are already subscribed to our newsletter!
Check your inbox to be the first to know the hottest news
Recommended for you
Subscribe to our newsletter and stand a chance to win TUKO branded gifts!
Thank you!
Check your email and confirm your subscription
You are already subscribed to our newsletter!
Check your inbox to be the first to know the hottest news
Subscribe to our newsletter and stand a chance to win TUKO branded gifts!
Thank you!
Check your email and confirm your subscription
You are already subscribed to our newsletter!
Check your inbox to be the first to know the hottest news
Subscribe to our newsletter and stand a chance to win TUKO branded gifts!
Thank you!
Check your email and confirm your subscription
You are already subscribed to our newsletter!
Check your inbox to be the first to know the hottest news
