Members of the Digital Lenders Association of Kenya (DLAK), which represents 17 major digital loan providers in the country, have resolved to waive the late repayment fees as part of the measures to support customers during this time of the Covid-19 outbreak.
The move will cushion the customers who are under distress, following the slowdown in the economy after disruptions to their day to day operations that could have had an effect on regular income flow.
(TOP: An overdue Tala loan account which has been forwarded to a third party firm for collections).
However, customers are advised to seek more detailed information on the specific aspects of the waiver from their respective providers.
DLAK has also extended its support to the government’s directive on the temporary suspension of the listing
with Credit Reference Bureaus (CRB) of any person, Micro, Small and Medium Enterprises (MSMEs) and corporate entities whose loan account falls overdue or is in arrears, from April 1, 2020.
Digital Lenders Association of Kenya (DLAK) was formed in March 2019 with the objective to bring together digital lenders and associated players under one umbrella body to help the ecosystem grow while addressing cross-cutting concerns.
DLAK’s founding members are Tala, Alternative Circle, Stawika Capital, Zenka Finance, MyCredit, Okolea, LPesa, Kopacent, Four Kings Investment Sotiwa, Mobile Financial Solutions (MFS), Kuwazo Capital, and Finance Plan. Other members include Branch, Vaell, Roamtech solutions, Aspira and MicroMobile.