Mobile money-lenders agree to waive late repayment fees

By , K24 Digital
On Mon, 6 Apr, 2020 13:17 | < 1 min read

Members of the Digital Lenders Association (DLAK) have waived late repayment fees for borrowers as part of the measures to support customers during this time of the COVID-19 outbreak.

DLAK, which represents 17 major digital lenders in the country, said the lenders agreed to the decision in a bid to cushion the customers who were under distress, following the slowdown in the economy after disruptions to their day-to-day operations that could have had an effect on regular income flow.

In a press statement sent to newsrooms, the association advised customers to seek more detailed information on the specific aspects of the waiver from their respective providers. 

The association said it supports President Uhuru Kenyatta’s directive on the temporary suspension of the listing with Credit Reference Bureaus of any person, small and medium enterprises nd corporate entities whose loan account falls overdue or is in arrears, effective April 1, 2020.