With the COVID-19 global pandemic at its pinnacle, different individuals and institution are assessing their obligations and losses especially in the aftermath. The disease and a series government directives intended to curb down the spread have had a toll on almost everyone’s finances, and outstanding contractual obligations, leaving many at the mercies of God, government directives and the Law.

At the centre of this point of suspense and worry are borrowers who had (or have) outstanding financial obligations with Money Lenders and Tier 4 Micro Finance Institutions like SACCOs. This in consideration of the fact that this ‘storm’ swept away their sources of income, making it almost impossible to honour their payment terms under their respective Loan Agreements.

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LEGAL OPINION ON UMRA ADVISORY ON COVID-19