NCBA’s autosweep feature to recover customers' unpaid loans from linked accounts
The Office of the Director of Public Prosecutions (ODPP) has asked a Nairobi court to grant it orders to continue detaining a senior employee of NCBA Group over fraudulent loss of at least Sh47 million.
NCBA Bank Kenya customers with loan arrears will have repayments recovered from their other accounts if the designated primary repayment account holds a deficient balance on the date the facility is due.
This comes after the lender unveiled a new account inter-linking feature, called autosweep, which does not require any action from the account holder. The feature signals a drive by the bank to curb defaults and late payments in the event where borrowers lack sufficient funds for automatic deduction.
