The Central Bank of Kenya (CBK) also introduced some emergency measures for borrowers whose loan repayments were up to date as of March 2. Those measures and dwindling revenues for households had an overriding effect on banks earnings, with loan defaults hitting roof. This has forced banks to set aside a sizable chunk of cash in loan loss provision in accordance with IFRS9. So is the acquisition of the National Bank of Kenya by KCB Group that was approved in September but most transitory details finalised this year. It was also during the period that the Moi linked Transnational Bank was bought off by the Nigerian tier one lender Access Bank.

Source: The Star December 27, 2020 09:33 UTC