NCBA and Safaricom offer reprieve to M-Shwari customers as the impact of COVID-19 takes effect

NCBA Group PLC and Safaricom have today introduced measures following the Government of Kenya directives in support of the collective efforts to manage the socio-economic impact of coronavirus (COVID-19), in the country. In a show of solidarity, as Kenyans grapple with the consequences of this pandemic, the two institutions have committed to provide relief to customers as they navigate through this difficult period.

Effective tomorrow and for the next 90 Days:

1. All M-Shwari late payment sanctions including rollover fees will be deferred by 30 days.

2. CRB listing of M-Shwari customers will be suspended for the next 90 days.

3. NCBA and Safaricom will continue engaging and working with customers during this time to ensure they can manage loan repayments.

4. To promote cashless payments, customers can move any amount between M-PESA and M-Shwari at no additional cost and can save any amount on M-Shwari and earn interest of up to 6%.

“As coronavirus continues to stir global economic fears, NCBA will continue to support our customers who may be financially affected by the outbreak,” said John Gachora, Group Managing Director, NCBA.

He added, “We would like to urge customers to be responsible with the credit solutions to ensure that as a collective we care for each other during this tough time. The Bank shall through M-Shwari, continue to responsibly support all customers through this difficult period”

“Financial services play a transformational role in society and are especially critical at this time in minimising the impact of Coronavirus to society. We are glad to leverage our longstanding partnership with NCBA to explore ways in which we can make life easier for our customers through our services,” said Sitoyo Lopokoiyit, Chief Financial Services Officer, Safaricom.

NCBA and Safaricom have by these measures committed to support customers during this period and beyond to ensure minimal impact to the lives of Kenyans and encourage everyone, to act responsibly with financial services at this time.