Good news to defaulters as CBK directs banks to forego Sh15bn digital loans
Digital lending stakeholders during the release of the comparative study on the regultion of digital lending and the regulatory white paper on the regulation of digital lending at the Nairobi Serena on March 24, 2021
At least 4.2 million Kenyans who failed to pay Sh30 billion they borrowed from banks, microfinance and mortgage finance companies digitally have been handed a relief, after the Central Bank of Kenya (CBK) rolled out a framework to slash the burden by half.
The CBK on Monday said the credit repair framework, to be undertaken by commercial and microfinance banks, and mortgage finance companies until end of May 2023, will see the lenders forego at least Sh15 billion the borrowers owe them as they discount the loans by 50 per cent.
