KENYA: THE END OF NON-CLASSIFICATION OF RESTRUCTURED LOANS: WHAT NEXT FOR LENDERS AND BORROWERS?
The emergency measures announced by the Central Bank of Kenya (the CBK) in March 2020 have lapsed. The measures were intended to enable banks to work with their customers to alleviate the adverse effects they may face from Covid-19 while safeguarding the strength of the banking system.
The measures included restructuring by banks of loan facilities that were performing as at 2 March 2020. Banks were given room to determine the reliefs that they will grant to individuals, SMEs and corporate borrowers based on their specific circumstances, subject to certain restrictions.Read further