{"id":7698,"date":"2020-05-13T19:33:57","date_gmt":"2020-05-13T19:33:57","guid":{"rendered":"https:\/\/www.africa-press.com\/kenya\/?p=7698"},"modified":"2020-05-13T19:33:57","modified_gmt":"2020-05-13T19:33:57","slug":"digital-lenders-join-in-loan-restructuring","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/digital-lenders-join-in-loan-restructuring","title":{"rendered":"Digital lenders join in loan restructuring"},"content":{"rendered":"<div class=\"standard-content \">\n<div class=\"content \"><strong>AfricaPress-Kenya:<\/strong> Kenyan lenders are coming out to cushion their clients from the effects of coronavirus pandemic, which has slowed business in the country.<\/div>\n<div class=\"content \">\nThe diseases since first reported in March has claimed 36 lives with the number of cases reported hitting 715, recoveries by Tuesday was at 259.<\/div>\n<div><\/div>\n<div class=\"content \">By end of April, personal loans valued at Sh9.9 billion were already restructured as Kenyans distressed by Coronavirus pandemic seek a way out of this social and economic crisis.<\/div>\n<div><\/div>\n<div class=\"content \">Central Bank of Kenya (CBK) Governor Patrick Njoroge noted that industries such as tourism, travel, real estate and agriculture, which had been, hit the most by the pandemic benefitting from these revaluations.<\/div>\n<div class=\"content \">\nThis follows a deal that had been brokered between the financial regulators, which would see borrowers distressed by the Covid-19 given a one-year extension on repayment of their loans.Kenya\u2019s digital lenders are also reading from the same script. On Tuesday, Okolea International announced a mitigation measure to cushion its customers during this COVID -19 pandemic period.<\/div>\n<div><\/div>\n<div class=\"content \">This has been occasioned by requests from either customers who have faced unpaid leave or business owners who either have closed or are struggling due to low business. In addition, Okolea heeded the call by CBK for finance companies to give customers in distress some breaks.<\/div>\n<div><\/div>\n<div class=\"content \">Okolea, in its effort to cushion borrowers during this time has restructured loans for close to 40,000 customers. The company continues to dialogue with other customers facing distress to tailor-make a repayment path that is comfortable to them. This has seen loans, which were previously one month based, restructured with new payment duration of upto 24 Months.<\/div>\n<div><\/div>\n<div class=\"content \">\u201cWe have released a loan restructuring program which allows for customers in distress to have their loans staggered across several months thus enabling customers to continue servicing their loans in a timely manner,\u201d said Peter Muraya, Okolea CEO.<\/div>\n<div class=\"content \">\nOkolea, heeding the directive of the government has also removed from negative listing all customers with loans below Sh1,000.<\/div>\n<div class=\"content \">\n\u201cAs a company, we feel it is a step in the right direction since most of these customers are either unemployed or students and this could have been a barrier for getting employment in some institutions,\u201d he said.Muraya called on central bank to engage Digital Lenders through their association in regards to the data submission of customers to Credit Reference Bureaus (CRBs).<\/div>\n<div class=\"content \">\n\u201cIt is my sentiment that not allowing lenders with good practices ability to submit data could deny good customers a chance to strengthen their credit profiles,\u201d he said.The sentiments results from last month directive by CBK banning unregulated digital and credit only lenders from submitting names of loan defaulters for blacklisting at the Credit Reference Bureaus (CRB).<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>AfricaPress-Kenya: Kenyan lenders are coming out to cushion their clients from the effects of coronavirus pandemic, which has slowed business in the country. The diseases since first reported in March has claimed 36 lives with the number of cases reported hitting 715, recoveries by Tuesday was at 259. By end of April, personal loans valued [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":7694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[1155,3516],"class_list":["post-7698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-cbk","tag-okolea"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Digital lenders join in loan restructuring - kenya<\/title>\n<meta name=\"description\" content=\"Kenyan lenders are coming out to cushion their clients from the effects of coronavirus pandemic, which has slowed business in the country.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/digital-lenders-join-in-loan-restructuring\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Digital lenders join in loan restructuring\" \/>\n<meta property=\"og:description\" content=\"Kenyan lenders are coming out to cushion their clients from the effects of coronavirus pandemic, which has slowed business in the country.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/digital-lenders-join-in-loan-restructuring\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-13T19:33:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/28\/2020\/05\/digital_lenders_join5ebbce43193fe.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"571\" \/>\n\t<meta property=\"og:image:height\" content=\"408\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/digital-lenders-join-in-loan-restructuring#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/digital-lenders-join-in-loan-restructuring\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Digital lenders join in loan restructuring\",\"datePublished\":\"2020-05-13T19:33:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/digital-lenders-join-in-loan-restructuring\"},\"wordCount\":449,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/digital-lenders-join-in-loan-restructuring#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/28\/2020\/05\/digital_lenders_join5ebbce43193fe.jpg\",\"keywords\":[\"CBK\",\"Okolea\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/digital-lenders-join-in-loan-restructuring#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/digital-lenders-join-in-loan-restructuring\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/digital-lenders-join-in-loan-restructuring\",\"name\":\"Digital lenders join in loan restructuring - 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