techwithmuchiri
Advertisement
  • Home
  • Reviews
  • Smartphones
    • Android
    • Apple
  • HOW TO
  • Tech News
  • Tech Explained
  • OPINIONS
  • ENTERTAINMENT
No Result
View All Result
  • Home
  • Reviews
  • Smartphones
    • Android
    • Apple
  • HOW TO
  • Tech News
  • Tech Explained
  • OPINIONS
  • ENTERTAINMENT
No Result
View All Result
techwithmuchiri
Home Featured

NCBA To Waive Ksh.5.5 Billion Fuliza, M-Shwari Defaulted Loans

Muchiri by Muchiri
November 25, 2022
in Featured
0
NCBA To Waive Ksh.5.5 Billion Fuliza, M-Shwari Defaulted Loans
Share on FacebookShare on Twitter

Following the announcement of Central Bank of Kenya’s Credit Repair Framework a few weeks ago, NCBA Group says it will waive at least Ksh.5.5 billion in defaulted Fuliza and M–Shwari loans.

NCBA has carved out Ksh.11 billion in defaulted Fuliza and M-Shwari loans, a move that will see at least half of the balances or Ksh.5.5 billion waived off.

The Kenyan banking industry is expected to write off Ksh.15 billion in bad loans with the total value of loans under consideration for the credit repair program standing at Ksh.30 billion.


Read More: Liquid C2 Launches Cyber Security Fusion Centre For Kenyan Businesses


During the announcement, NCBA Group Director, Digital Business Eric Muturi, said, “We are looking as far back as ten years. Most digital lenders have only existed probably in the past three years or so. We were the first to do mobile-centric digital lending. Our stock of loans when you look at our history tends to be the largest”.

NCBA estimates that approximately 5 million loan customers with defaulted Fuliza and M-Shwari loans will benefit from this move.

“Five million customers is a very big number representing about 10 per cent of Kenyans who have used our digital loan products at least once,” said NCBA Group Managing Director John Gachora.

The lender also noted that it is likely to consider waivers greater than 50% for customers who repay the defaulted loans within a short span.

Central Bank of Kenya Credit Repair Framework

On November 14, the CBK unveiled the credit repair program which will see an estimated 4.2 million Kenyans’ bad loans regularized after which the customers will be positively listed with Credit Reference Bureaus (CRBs).

The credit repair program will run for six months and is set to expire in May 31, 2023. During this period, financial institutions will give a 50% discount on outstanding digital loans then the benefiting borrowers must then clear the remaining loan ( other 50%) by May 31, 2023.

“The framework seeks to improve the credit standing of mobile phone digital borrowers whose loans are non-performing and have been reported as such to Credit Reference Bureaus (CRBs),” noted the Central Bank Of Kenya.

NCBA is the market leader in digital lending with disbursements of Ksh.521 billion in nine months to September. The loans cover Ksh.461 billion in Fuliza disbursements and Ksh.60 billion under M-Shwari.

Join us on Telegram
Previous Post

Safaricom Bonga Points Smartphone You Can Get In 2022

Next Post

Twitter Blue To Be Relaunched With Gold, Grey, Blue Checkmarks

Muchiri

Muchiri

Working on my bio. Check again after ten years.

Next Post
Twitter

Twitter Blue To Be Relaunched With Gold, Grey, Blue Checkmarks

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

KenGen To Install Over 30 Electric Vehicle Charging Stations In Kenya Next Year

KenGen To Install Over 30 Electric Vehicle Charging Stations In Kenya Next Year

November 24, 2022
Apple Black Friday Deals

Apple Black Friday Deals 2022

November 5, 2022

Most Popular

Oppo Kenya Set To Unveil The Oppo Reno 8T Series Next Week
Android

Oppo Kenya Set To Unveil The Oppo Reno 8T Series Next Week

February 7, 2023
Google Bard: Google’s Answer To ChatGPT Launched
Tech News

Google Bard: Google’s Answer To ChatGPT Launched

February 7, 2023
Twitter Set To ‘Sunset’ Original Blue Badge Verification In A Few Months
Tech News

Twitter Set To ‘Sunset’ Original Blue Badge Verification In A Few Months

February 4, 2023
  • About Us
  • Contact Us
  • Privacy Policy
Email us: [email protected]

© 2023 Tech With Muchiri .

No Result
View All Result
  • Home
  • Reviews
  • Smartphones
    • Android
    • Apple
  • HOW TO
  • Tech News
  • Tech Explained
  • OPINIONS
  • ENTERTAINMENT

© 2023 Tech With Muchiri .

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT