KCB Bank has restructured facilities worth over Kshs 115.1 billion to cushion customers against the effects of the COVID-19 pandemic. The bank has enabled the expansion of credit lines and loan tenures to enable their customers remain financially stable during these hard economic times.
“The KCB Group CEO and MD Joshua Oigara said customers can still seek deferment of loan payments on their personal, business, corporate and housing loans for disruptions caused directly by the Covid-19 pandemic,” the statement from KCB reads.
Additionally, the bank has approved the restructuring of Kshs 91.3 billion worth of corporate loans and an additional Kshs 20.4 billion in loans to mortgage customers. A further Kshs 3.4 billion for retail customers has also been approved. The debt-relief measures have seen customers apply for their loans to be restructured, credit lines expanded and loan tenures extended to keep them financially afloat.
KCB bank is offering relief to their customers through the restructuring of loans. Once customers apply for the service, they may be able to seamlessly avoid the adverse effects of the pandemic that took the world by surprise. Customers can extend period of loan payment.
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“We believe this will not only cushion businesses but create a multiplier effect that will ultimately help to save jobs. KCB knows that the pandemic has affected everyone. KCB is offering extended financial assistance to provide additional relief to our customers to meet their needs and ambitions. We believe this will go a long way in helping them navigate through their most urgent and challenging situations,” said Mr Oigara.