As the effect of COVID-19 disrupts businesses in Kenya, Standard Chartered (StanChart) Kenya, said it adjust the agreed terms for about 6% of its loan portfolio.
According to the lender, the total amount is about 8 billion shillings approximately $75.4 million.
According to data compiled by Reuters, Kenyan lenders have so far restructured 81.7 billion shillings in loans since the central bank allowed them to offer relief to distressed borrowers on March 18, the central bank said last week.
StanChart Kenya’s Chief Executive Kariuki Ngari said some borrowers whose businesses or earnings have been hit by the pandemic were struggling with cash flows, creating the need for them to restructure their loan repayments.
