OKash Gives Relief to Borrowers After Announcing 50 Percent Waiver on Penalties

As the coronavirus pandemic continues to disrupt economic livelihoods of many Kenyans, OKash digital lender has sought to give its borrowers a sigh of relief by waiving loan penalties.

This follows the lender's announcement on Monday that it will with immediate effect offer a 50 per cent waiver on penalties that some borrowers had been slapped with as a result of late repayment, way long before the viral contagion was reported in Kenya.

This will basically mean that if, for instance, you had borrowed Sh5,000 from OKash, currently, your loan balance stands at Sh7000. But with the 50% waiver on accrued penalty, you will only have to pay Sh6000 after which your penalty is waived.

The waiver, OKash says, is in tandem with government's appeal to all lenders including banks to help borrowers with loans that fell due before and during the pandemic, mitigate the impact occasioned by the COVID-19 virus.

The move will also help such OKash borrowers to regain their good credit profiles that may have been affected negatively by late repayment and the resultant penalties.

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