Central Bank of Kenya Governor Patrick Njoroge displays new banknotes while addressing journalists at the CBK headquarters in Nairobi on June 3, 2019. Among those beaming with relief at the time was 34-year-old Munyaka Njiru, who rushed to his bank to take advantage of the deal. Demanding interestAfter six months, the bank recently wrote to Mr Njiru demanding interest of upto Sh24,000 that had piled up over the repayment holiday period. The Interest Rates Advisory Centre managing director, Wilfred Onono, said there is need for complete transparency on the part of banks in the implementation of the State-backed Covid-19 loans relief programme if it is to achieve its desired results. Flexible arrangementsThe proportion of defaulted bank loans has hit a 13-year high, reflecting the cash flow burden on workers and businesses brought about by the pandemic hardships.

Source: Daily Nation October 19, 2020 06:56 UTC