Microlender Letshego gives SMEs 3-month loans relief

Microfinance company Letshego Kenya has offered small businesses three-month loan re-payment holidays as economic activities slowdown due to the coronavirus outbreak.

The relief, initially meant to cushion the firm’s Micro and Small Entrepreneurs (MSE) customers, took effect on April 1, and has since been extended to individual borrowers.

The group’s CEO Andrew Okai said the virus was heavily impacting on their clients.

“We have to support our customers through these tough economic times,” Mr Okai said.

“It is by working together that the negative impact of the pandemic on communities will be addressed.”

VIRUS SPREAD

Letshego Kenya, formerly known as Micro Africa Limited, was acquired in 2012 by the Letshego Group, a Botswanan public-listed company with a presence in 11 African countries.

Adam Kasaine, the chief executive officer, said the company was donating Sh1 million to the country’s Covid-19 emergency fund.

“These funds are intended to support national efforts in preventing the spread of the virus,” said Mr Kasaine, who presented the donation to the emergency kitty’s chairperson Jane Karuku.

The group also committed over Sh30 million in direct financial support to regional government relief funds and non-profit organisations.

Kenya’s confirmed cases of coronavirus increased to 208 yesterday when another 11 were reported since the last briefing on Sunday.