Kenyan banks will allow personal borrowers who get into difficulties due to the new coronavirus pandemic to extend their loans for up to a year, the central bank governor said on Wednesday. The East African nation has four confirmed cases of the COVID-19 and the government has imposed measures aimed at reducing its spreads including banning public gatherings and closing schools indefinitely.
“We don’t want this health crisis to become a financial crisis,” Reuters quoted the governor, Patrick Njoroge, to have told a televised news conference.
Small and medium enterprises who encounter difficulties will also be allowed to restructure their bank loans at no cost, he added.
