Mwananchi Credit has joined organizations responding in kind to the Coronavirus pandemic in Kenya by introducing interest-free loans for new customers and rebates for existing borrowers.
Mwananchi Credit CEO Dennis Mombo says the move is expected to ease the burdens of credit on Kenyans who are suffering the effects of a partial quarantine imposed by government to reduce the spread of the highly infectious virus.
“We want our fellow Kenyans to be able to get money to run their own lives without the pain of paying interest in this difficult moment for our country,” said Mr Mombo.
Existing customers who are up to date servicing their loans will get rebates on repayment for one month, meaning they won’t pay interest for at least one month. They also have access to Weekend Loans to sort out short-term financial needs at the end of the week.
Mr Mombo says the Mwananchi Credit interest-free loans offer will run for one month starting March 23, 2020 and hopes it will help Kenyans navigate this health crisis successfully. It will apply to most of its loans like LPO financing, salary, cheque discounting and trade finance among others.
New customers can access interest-free loans by visiting Mwananchi Credit offices for guidelines while existing customers can apply online or through the micro-lenders offices in Nairobi on Pension Towers and Ecobank Towers, Kitengela, Mombasa and Eldoret.
Mr Mombo says the company has made necessary arrangements to comply with government directives discouraging crowding and the requirement to keep social distance of at least 1.5 metres in an effort to contain the spread of Covid 19. “We have a number of our employees off duty which has created more space in case there’s an influx of customers,” he said.
Mwananchi Credit Ltd offers an array of credit solutions including LPO financing, salary advance loans, cheque discounting, logbook loans, weekend loans and loans secured by titled deeds, among others.
The quarantine, now in its second week, continues to squeeze Kenyans as more victims of the virus are discovered. On March 22, eight more cases were announced, bringing the number to 15.
Already, companies have warned of massive job losses as a result of the adverse effects of the Coronavirus pandemic both in Kenya and other countries hardest hit such as China, US, Italy and other parts of Europe.
Mwananchi Credit has won awards for its various loan products including recognition for best logbook loans provider at the Automotive Sector Excellence Awards as well as Title Based Financing Award at the Real Estate Excellence Awards in 2019.