Central bank takes measures as Coronavirus cases in Kenya rises to 7

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The number of confirmed cases of Coronavirus in Kenya has risen to seven.

This is after three more people tested positive to the virus after their entry into the country.

The three people include a couple who came from Madrid via Dubai to Nairobi and landed in on the 5th of March and a Burundian from Dubai to Kenya on the 17th of March.

The announcement made by the health CS Mutahi Kagwe coronavirus brings the number of those who have tested positive to seven as of the 18th of March.

Meanwhile the Central Bank of Kenya (CBK) has announced a set of measures that commercial banks will undertake in order to alleviate the adverse economic effects their customers may face from the Coronavirus pandemic (COVID-19).

“While the extent of the adverse effects are still evolving, it is already evident that the impact on some of the customers may be severe. To help alleviate the adverse effects, the following emergency measures will apply for borrowers whose loan repayments were up to date as at March 2, 2020,” CBK governor Patrick Ngugi Njoroge said.

Measures taken by the banks:

  • Banks will seek to provide relief to borrowers on their personal loans based on their individual circumstances arising from the pandemic.
  • To provide relief on personal loans, banks will review requests from borrowers for extension of their loan for a period of up to one year. To initiate this process, borrowers should contact their respective banks.
  • Medium-sized enterprises (SMEs) and corporate borrowers can contact their banks for assessment and restructuring of their loans based on their respective circumstances arising from the pandemic.
  • Banks will meet all the costs related to the extension and restructuring of loans.
  • To facilitate increased use of mobile digital platforms, banks will waive all charges for balance inquiry.
  • As earlier announced, all charges for transfers between mobile money wallets and bank accounts will be eliminated. CBK will closely monitor the implementation of these measures, particularly in light of the fast-evolving nature of the economic impact of the pandemic.

Also read: $12b to support Coronavirus response from World Bank

Yvonne Kawira is an award winning journalist with an interest in matters, regional trade, tourism, entrepreneurship and aviation. She has been practicing for six years and has a degree in mass communication from St Paul’s University.

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