DIGITAL LENDERS WAIVE LATE REPAYMENT FEES FOR CUSTOMERS

DIGITAL LENDERS WAIVE LATE REPAYMENT FEES FOR CUSTOMERS

By Donald Kogai

Members of the Digital Lenders Association

(DLAK), which represents 17 major digital

lenders in the country,

agreed to waive the late repayment fees as part

of the measures to support

customers during this time of the COVID-19

outbreak.

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. Customers are

advised to seek more detailed information on

the specific aspects of the waiver

from their respective providers.

The Association also supports the Presidents’

directive on the

temporary suspension of the listing with 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 1st April 2020.

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