KCB and Safaricom Set Aside Kshs 30 Billion For Lending, Opens Door to Blacklisted Defaulters

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Safaricom KCB 30 billion KCB MPESA
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Safaricom and KCB have today announced that they have set aside billions of shillings that will be made available for people to lend.

The companies have set aside Kshs 30 billion “stimulus fund” that they aim to lend to KCB MPESA customers during the next 90 days.

This announcement follows a meeting which was hosted by the President on Wednesday which had brought together the banking industry players.


“KCB Bank Kenya and Safaricom have committed to support customers in financial distress, making available more affordable lending & cutting transaction costs on mobile as part of the measures to assist as the country grapples with the effects of the coronavirus pandemic,” the companies said.

The companies said that the 30 billion stimulus fund will allow for “higher borrowing limits” on KCB MPESA for customers that quality and will offer extended repayment periods for borrowers with existing facilities.

 


Interestingly enough, KCB and Safaricom said that they will open credit limits to those customers that had been listed because of defaulting on small amounts but are now repaying their loans.

This news follows the domino effect of the coronavirus that has led the Central Bank of Kenya asking banks to extend borrowers’ repayment of loans by up to a year due to the coronavirus pandemic. The Central Bank has also allowed Safaricom to boost their MPESA transaction limits as well as waiving fees on some MPESA bands.

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13 COMMENTS


  1. Economy on small people especialy watu wamkono down here, is unexplainable, infact if tell what we suvive with you’ll not believe if this is true, then its helpfull


  2. Don’t fall into this trap. This will sink Kenyans into more debts that will increase stress levels and depression hence lower immunity and more susceptible to viruses and bacteria. These are loans to be paid back, and they’ll not use any better reminder messages than what they’ve been using. Live within your means.


  3. Y don’t u use this monies to just clear tha already existing loans which have already become a burden to majority of Kenyans?kcb can c ur profits av raised to such a big figure 🤔


  4. I was listed in crb some times last year I cleared my outstanding loan 7 months ago n still I can’t access loan even after the waiver…so sad


  5. Hi plz unlock my account ihave never been blacklisted ijust delayed paying becoz iwas stranded far from home ipaid immediately I reached home that’s almost three years ago but ihave been denied your services


  6. I now agree what mwalimu Julius Nyerere observed of us “Kenya is a man eat man society! “Even at the tip of our death still you talk of loaning us?! Can’t we even talk of interest free lending?! .While other governments such as U.S.A give 100k to every citizen as relief due to Corona outbreak .For heaven’s sake give us a break!


  7. Comment:To be sincere we need goverment to help us coz the treatment they are now giving us is just a way of indirect killing.I think world health organization(WHO) have fund our goverment with 100B shillings that is not even aproximate to the 50M Kenyans so that they should at least try help them fight the virus and they didnt, they only give police order to beat people on the street instead of helping us.How r we going to stay indoors and we dont have something to eat,is that a direct killing or what?


  8. I think giving more loans to Kenyans will not save the situation.

    If someone is already burdened with a loans, how would giving them more loan help…

    Atleast they should have a kit where they are supporting Kenyans without any strings attached.

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