Regulatory Alerts2022-11-14 | 785740814Added · Updated
Banking Circular No. 4 of 2022 - Credit Repair Framework
The Central Bank of Kenya has approved a Credit Repair Framework to help borrowers with non-performing mobile phone digital loans improve their credit standing. The Framework offers a 50% discount on outstanding loan amounts and a repayment plan for the remaining balance over 6 months. This initiative aims to support borrowers adversely affected by the COVID-19 pandemic, helping them access credit and financial services as they recover.
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