The Corona Virus pandemic has led to a slowing of the economy and in some cases a total shutdown of some businesses like hotels, bars and salons. This has meant that individuals employed in such establishments don’t have a source of income for the time being and as such are unable to pay off their loans.
As a response to this, NCBA which owns Mshwari has announced that they will be suspending all the late payment fee like the rollover fee for the next 30 days. They have also announced that they will be suspending the listing of individuals in the CRB for the next 30 days.
This comes as a welcome respite for those individuals who had taken out loans on the platform but have been unable to pay due to the current economic crisis. This is due to the fact that fees like the rollover fee would have made the loan repayment more expensive while CRB listing would have been a disaster for a populace that has become dependent on the mobile loans to survive.
John Gachora, Group Managing Director, NCBA, had this to say, “As coronavirus continues to stir global economic fears, NCBA will continue to support our customers who may be financially affected by the outbreak.”