Mobile lenders waive late repayment fees over coronavirus pandemic

Members of the Digital Lenders Association (DLAK) have now agreed to waive the late repayment fees as part of the measures to support customers amid the coronavirus pandemic.

The lenders, in a statement to newsrooms on Monday, said the waiver is aimed at providing customers with a soft landing as slowdown in economy has affected their income.

“Customers are advised to seek more detailed information on the specific aspects of the waiver from their respective providers,” read the statement.

“The move will cushion the customers who are 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.”

DLAK further pledges support for President Uhuru Kenyatta’s directive on the temporary suspension of listing with the Credit Reference Bureaus (CRB) of any person, Micro, Small and Medium Enterprises (MSMEs) and corporate entities whose loan account falls overdue or is in arrears effective April 1, 2020.

The association is composed of 12 founding members among them; Tala, Alternative Circle, Stawika Capital, Zenka Finance, MyCredit, Okolea, LPesa, Kopacent, Four Kings Investment T/A Sotiwa, Mobile Financial Solutions (MFS), Kuwazo Capital, and Finance Plan Ltd.

Other members are Branch, Vaell, Roamtech solutions, Aspira and MicroMobile.