Commercial banks in Malawi have suspended interest and principal payments for loans, for a period of three months. The move seeks to cushion citizens from the negative economic impacts of the COVID-19 pandemic.
According to the Bankers Association of Malawi (BAM), banks in Malawi have also slashed charges on internet banking, mobile payments, and other related services by 40%.
In the recent wake of the COVID-19 pandemic, some African governments have stepped up the fight against the virus, cushioning their citizens and economies against the pandemic that continues to take a toll on businesses. Countries that have taken action include:
- Guinea: No payment of rent for citizens until December 2020
- Nigeria: Credit relief of $136.6 million to households, SMEs, airline service providers, hotels, etc
- Botswana: $168 million relief fund to assist businesses to pay workers’ salaries so that none gets laid off
- Rwanda: Provision of free water and electricity
- Ghana: All health workers to be exempted from paying tax for three months
- Mauritius: Self-employed individuals will receive financial support of 50% of their guaranteed income for the period until 15th April 2020
In Kenya, President Uhuru Kenyatta directed Credit Reference Bureaus (CRBs) not to list affected loan defaulters and ordered the release of KSh10 billion as cash transfer to the old and vulnerable members of society.