Home Business Mobile phone app lenders in Kenya waive late repayment...

Mobile phone app lenders in Kenya waive late repayment fees over corona virus

Coming as a relief to most Kenyans who have relied on mobile phone app loans that were due sometime this month, Members of the Digital Lenders Association (DLAK) have now agreed to waive the late repayment fees as part of steps taken to cushion customers who are already experiencing hard economic climate over the coronavirus pandemic.

Lenders from android applications such as Zenka, Pesa Flash, Flash Pesa, iPesa amongst others have been charging customers a percentage interest daily on loans that are due. This has been quite a hustle for most Kenyans with some seeing as much as Ksh1000 accrued from interest in just a period of one week.

It is however not clear if these lenders will allow customers to borrow again once they’ve cleared their previous loans. Customers on platforms such as Zenka have been met with ineligibility regret once they had cleared previous loans making it difficult to survive during this period. Others such as Tala are now subjecting customers to up to ten days to have their loan applications approved.

 Members of the digital lender’s association said the waiver was aimed at providing customers with a soft landing as slowdown in economy had 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.”

The digital lenders association further pledges support the directive issued by President Uhuru Kenyatta’s 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 digital lenders association is composed of 12 founding members among them; Tala, Zenka Finance, Alternative Circle, Stawika Capital, MyCredit, Okolea, LPesa, Kopacent, Four Kings Investment T/A Sotiwa, Mobile Financial Solutions (MFS), Kuwazo Capital, and Finance Plan Ltd, Branch, Vaell, Roamtech solutions, Aspira and MicroMobile.

LEAVE A COMMENT

Please enter your comment!
Please enter your name here

Huawei Y5p available at Safaricom shops with a Jisort na Bonga offer (Ksh.8,999 + 4,000 points)

Huawei’s budget focused Y5p is now available at Safaricom shops with a “Jisort na Bonga” offer where customers have the option of...

New law seeks to punish misleading online advertising and inaccurate mileages on vehicles

A new law that is up for debate in parliament, if passed, will seek to punish online retailers that provide inaccurate information...

OPPO officially introduces the OPPO Reno4 in Kenya, to retail at Ksh. 39,999

OPPO has launched the Reno4 in Kenya in an online event that was officiated by OPPO Kenya's Product Manager Mr. Ernest Teigut....

Realme C15 comes to Kenya with a 6000mAh battery, Quad-camera setup for Ksh. 17,000

Since Realme opened shop here in Kenya, we’ve seen some of the best combinations of value and money thus far, it has...

Itel unveils S16 series with a 6.6-inch display and 4000mAh battery during brand launch

Itel on a mission to boost its brand in Kenya and the continental Africa, has unveiled a range of devices in the...

TikTok, WeChat will be unavailable in the US app stores starting this Sunday 20th 2020

Looks like Trump is making good on his promise after all, after the US department of Commerce announced its intentions to restrict...

Expect PS5 in Kenya from November 2020, here is what you need to know before buying

Sony has finally put a price tag on its next gen gaming hardware – the Play Station 5, and we also know...

OPPO set to unveil OPPO Reno4 and OPPO Watch in Kenya, here is what you need to know

OPPO is planning to officially unveil the much anticipated Reno4 in Kenya on the 21st of September 2020. The launch event is...