Bank reschedules loan repayments

Business

By CLARISSA MOI
THE Nationwide Microbank (MiBank) has rescheduled the repayment of loans for up to three months for borrowers affected by the Covid-19, says chief executive officer Tony Westaway.
Westaway told The National that some private companies had requested for the repayment relief for their staff loans.
He said those genuinely impacted by the Covid-19 were being accommodated with the re-scheduling of loans as agreed to by the industry and the Central Bank.
“As an industry, we responded to the Government’s call to provide repayment relief for those borrowers genuinely impacted by the Covid-19 on a case by case basis,” he said.
Westaway said MiBank maintained its key banking services during the state of emergency period.
“These include transaction services, and our branches have remained open to enable our clients to get access to their savings when needed.”
The bank has also offered digital services in which their customers use the mobile banking platform to perform transactions with mobile money agents.
Customers can also use MiBank debit cards through the automated teller machines and the point of sale network.
“There is no doubt that MiBank will be a more resilient organisation as time goes on and the nation recovers from this crisis,” Westaway said.
“For example, many of our project teams can operate remotely from our branch or head office environment and we can expect that this will continue coming out of this crisis.”

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