This archive report was first published on 26 June 2020.
On June 26, 2020, Absa Bank Kenya PLC announced a significant restructuring of its loan facilities to support customers affected by the COVID-19 pandemic.
The bank's loan relief programme covers various credit types, including personal loans, mortgages, asset financing, and business loans, offering an initial relief of up to three months, which can be reviewed on a case-by-case basis.
More than 90% of the restructured loans are in the personal and small business segments, with the remainder split between mid-sized companies and large corporates.
"We are facing a complex situation as a country, and we must do our best to manage the medical aspects of the pandemic while minimizing its adverse impact on the economy," said Jeremy Awori, Managing Director, Absa Bank Kenya.
Customers are not charged extra processing fees for the repayment relief, but interest continues to accrue during the repayment holiday, extending the loan repayment period.
"Coronavirus is not just a health crisis but also a major economic crisis that has hit our economy hard. We encourage customers to reach out to us for suitable relief options," Mr Awori added.
Absa continues to support its business customers through training and mentorship programmes, including bi-weekly webinars featuring subject matter experts.
The bank has also committed KES50 million to the fight against COVID-19, delivering 210,000 facemasks to medical workers, caregivers, and frontline workers, and distributing 30,000 reusable facemasks to boda boda riders and newspaper vendors.
