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ABSA Bank Kenya has announced that it has written off mobile loans valued at KSh 1.8 billion in line with the Central Bank of Kenya's credit repair framework.
At least 400,000 of its defaulters who had been blacklisted on the Credit Reference Bureau (CRB) have been whitelisted.
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The bank expects to recover 50% of the KSh 3.6 billion it disbursed.
The Central Bank of Kenya's (CBK) Credit Repair Framework aims to improve the credit standing of mobile phone digital borrowers who defaulted on their loans and were consequently listed by CRB.
CBK said the limited framework by commercial banks, microfinance banks and mortgage finance companies will expire on May 31, 2023.
In the plan, financial institutions will give a 50% discount on outstanding digital loans at the end of October 2022.
NCBA Group was the first lender to disclose that it had forgiven its defaulters.
On Thursday, November 24, the bank announced that it would waive at least KSh 5.5 billion in defaulted Fuliza and M-Shwari loans.
NCBA Group managing director John Gachora estimates that the beneficiaries would come from its pool of five million customers using their digital loan services.
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The lender noted that it would consider over 50% of waivers for defaulters who repay the loans within a short period.
The Kenyan banking industry is expected to write off KSh 15 billion in bad loans
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Source: TUKO.co.ke
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