However, on Saturday, leading micro lender Mwananchi Credit said it would increase its loan portfolio during this period to walk with Kenyans during a difficult moment. Consequently, lenders have tightened lending terms and conditions to lock out borrowers perceived to be high-risk, while others have suspended lending altogether. “We understand the situation Kenyans are facing and so we haven’t changed our terms as an indication that we are in this together,” says Dennis Mombo, Mwananchi Credit CEO. This will enable it to serve its client during the partial lockdown in some towns occasioned by the Coronavirus crisis. Due to the pandemic, other lenders have instituted tough vetting criteria with questions on whether one’s income has been affected by the virus.

Source: Standard Digital April 11, 2020 08:03 UTC