Micro-finance firm, Mwananchi Credit, has introduced interest-free loans for new customers and rebates for existing borrowers in a bid to cushion Kenyans from the impact of the coronavirus pandemic.
Mwananchi Credit CEO – Dennis Mombo, explains the move is geared towards helping ease the credit burden on Kenyans, who are likely to suffer adverse effects of the safety directives imposed by government to reduce the spread of COVID-19.
“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 in servicing their loans, will get rebates on the repayment for one month, “meaning they won’t pay interest for at least one month”.
They will also have access to “weekend loans to sort out short-term financial needs at the end of the week”.
Mombo says the Mwananchi Credit interest-free loans offer will be implemented from Monday, 23 March 2020 for a period of one month.
“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-lender’s offices in Nairobi, Kitengela, Mombasa and Eldoret,” explained Mombo, adding they had put in place responsive measures in line with the government directives on quarantine and social distancing.
“We have a number of our employees off duty which has created more space in case there’s an influx of customers.”
The stringent measures to contain the spread of the virus, now in the second week, continue to ‘inconvenience’ Kenyans with the government tightening the measures following the confirmation of eight more positive cases to take the country’s number to 15 so far.
Millions of Kenyans have been forced to stay away from work and trading centres in compliance with government directives, leaving many exposed and unable to meet their daily financial obligations.
Companies have warned of massive job losses and pay cuts as a result of the adverse effects of the Coronavirus pandemic in Kenya and other countries such as China, United States, the United Kingdom and across Europe.
Mwananchi Credit is an award-winning lender, bagging honors in recognition of their various loan products, including accolades for best logbook loans provider at the Automotive Sector Excellence Awards as well as Title-Based Financing Award at the Real Estate Excellence Awards in 2019.
They offer an array of credit solutions including LPO financing, salary advance loans, cheque discounting, logbook loans, weekend loans and loans secured by title deeds, among others.