Absa Bank Kenya has restructured more than 50,000 loan facilities, amounting to more than over Sh54 billion, media reports said. Absa Bank’s restructuring is part of its commitment to protect customers from the adverse effects of the coronavirus pandemic.
Absa Bank Kenya Managing Director Jeremy Awori, told the media, “We recognize that it is a hard time for our customers with a lot of businesses having scaled-down operations and others closing down. This has resulted in strained cash flows for some of our customers and we are working together with them through this loan relief program to reduce the burden on their monthly financial obligations.”
The bank’s loan relief programme covers various forms of credit including personal loans, mortgages, asset financing and business loans. “Coronavirus is not just a health crisis but also a major economic crisis which has hit our economy hard. We encourage customers who may be going through tough financial times to reach out to us so that we can jointly explore suitable relief options,” he said.
In May, the Central Bank of Kenya ordered to implement measures that will ease the impact of the pandemic on the people and economy at large. In April, the central bank said that players in the banking industry had restructured loans worth Sh273 billion.