Mwananchi Credit has joined organisations responding in kind to the Coronavirus pandemic in Kenya by introducing interest-free loans for new customers and rebates for existing borrowers.
Mwananchi Credit CEO Dennis Mombo says the move is expected to ease the burdens of credit on Kenyans who are suffering the effects of a partial quarantine imposed by the government to reduce the spread of the virus.
“We want our fellow Kenyans to be able to get money to run their lives without the pain of paying interest in this difficult moment for our country,” said Mombo.
Existing customers who are up to date servicing their loans will get rebates on the repayment for one month, meaning they won’t pay interest for at least one month. Existing also have access to Weekend Loans for sorting out short-term financial needs at the end of the week.
Mombo says the Mwananchi Credit interest-free loans offer will run for one month starting March 23 and hopes it will help Kenyans navigate through this health crisis successfully.
New customers can access interest-free loans through the Mwananchi Credit app on Google Playstore while existing customers will be required to visit the micro-lenders offices.
Mr Mombo says the company has made necessary arrangements to comply with government directives discouraging crowding and the requirement to keep a social distance of at least 1.5 metres. “We have a number of our employees off duty which has created more space in case there’s an influx of customers.
The firm offers an array of credit solutions including LPO financing, salary advance loans, cheque discounting, logbook loans, weekend loans and loans secured by titled deeds, among others.
The quarantine, now in its second week, continues to squeeze Kenyans as more victims of the virus are discovered. Kenyans have been forced to stay away from workplaces and trading centres in compliance with government directives, wrecking careers and finances.
Already, companies have warned of massive job losses as a result of the adverse effects of the Coronavirus pandemic both in Kenya and other countries such as China, the US and parts of Europe.
Similar arrangements are ongoing in the financial sector. On Friday, Kenya Commercial Bank and Safaricom have committed to support customers in financial distress, making available more affordable lending and cutting transaction costs on mobile as part of the measures to assist as the country grapples with the effects of the Coronavirus pandemic.The announcement, which follows a meeting hosted by President Uhuru Kenyatta […]