Banks block Nation Media Group’s employees from getting loans

Major banks have stopped offering credit services to Nation Media Group’s employees.

Sometimes in December 2016, the head of corporate and regulatory affairs at Nation Media Group issued a memo dated December 20th 2016 which said that the Kimathi Street-based media house would be reducing its workforce.

Also read: Who is going to be sent packing this time round? NMG to sack more employees in January

The memo sparked chain reaction starting with employees getting sick with apprehension and banks blacklisting NMG employees.

Business Today reports that Standard Chartered bank, Barclays banks and Nation Sacco have temporarily blacklisted NMG as a loan guarantor and have stopped giving loans to Nation employees until the ongoing restructuring is completed.

Apparently the financial institutions decided to blacklist NMG employees for fear of giving loans to people who will be jobless and without means to repay the loans.

Ghafla! contacted NMG employee who revealed he hasn’t tried to access loan services but mentioned a colleague he knew was grumbling about being denied a loan  he had applied.

NMG hasn’t really fired anyone just yet, a few days ago the media fraternity was sent set into panic mode after reports started circulating online that veteran journalist Eric Obino had been fired.

Also read: Eric Obino was never really fired from NMG new evidence shows