Digital lenders waive late repayment fees for customers

Written By: KNA

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.

Members of the Digital Lenders Association (DLAK) have waived the late repayment fees as part of the measures to support customers during this time of the COVID-19 outbreak.

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DLAK, which represents 17 major digital lenders in the country, said the lenders agreed to the decision in a bid to cushion the customers who were 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.

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In a press statement sent to newsrooms, the association advised customers to seek more detailed information on the specific aspects of the waiver from their respective providers.

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The Association said it supports the Presidents’ directive on the temporary suspension of the listing with Credit Reference Bureaus of any person, Micro, Small and Medium Enterprises and corporate entities whose loan account falls overdue or is in arrears, effective 1st April 2020.

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