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Why not write off our small loans? Kenyans lament after major banks write off Uchumi’s Sh656m debt

UREPORT
By Babu Tendu | Nov 11th 2019 | 1 min read

Immediately after news broke out that the Kenya Commercial Bank (KCB) and Cooperative bank agreed in principle to write off a combined debt of Sh655.5 million, Kenyans were quick to react.

Through social media, a number did not seem to understand how the banks could let go of such a big amount of money.

The banks’ gesture to help rescue the former chain store giant did not seem to be taken kindly by their customers who claimed to have small loans with the bank.


Most argued that they did not see the need to be listed with the Credit Reference Bureau by the institutions over small loans.

Some of the comments include;

Peterson Gichaba – Not bad. As long as they cannot write off our small loans of few shillings that have put us on CRB.

Elijah Ongeri Michieka - KCB MPESA Sh1000 loan you can’t write off. What you so fast in doing is to write me in CRB.

Lerroy Jillo - Why don’t you write off ordinary mwananchi M-pesa loan?

Some jokingly asked mobile lending companies to embrace the ‘forgiving’ trend set by the banks and also write off their debts.

Others called upon the Higher Education Loans Board (HELB) to follow suit in writing off student loan debts.

“Can HELB kindly follow suit and learn from these two companies” Posted Steezy Shephard.


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