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The Central Bank of Kenya (CBK) has directed banks to write off at least Ksh.15 billion worth of digital loans which currently stand in default status as part of a credit repair framework.

The banking sector regulator has asked lenders including microfinance banks and mortgage finance companies to provide a discount of at least 50 per cent of the non-performing mobile-phone digital loans outstanding as of the end of October 2022.

Borrowers covered in the write-offs will have their credit standing upgraded to performing from non-performing.

“The institution will then enter into a repayment plan with the borrowers for a period up to May 1, 2023, for the balance of the loan. Upon expiry of the framework, the credit standing of the borrowers with respect to these loans will depend on their repayment performance during the six-month period,” the CBK stated.