This archive report was first published on 6 May 2020.
On May 6, 2020, Standard Chartered Bank announced a significant move to support the Kenyan economy, which has been severely impacted by the COVID-19 pandemic. The bank has restructured loan facilities worth over Sh8 billion to support key sectors such as Tourism and Hospitality, Building and Construction, Trade and Manufacturing, and SMEs.
According to Kariuki Ngari, CEO Kenya & East Africa, Standard Chartered Bank, the bank has taken proactive measures to understand the impact of the pandemic on its clients' businesses and assess areas where it can offer help. 'In response to the impacts of COVID-19, we have proactively reached out to our retail, commercial and global clients to understand the impact of the pandemic to their businesses and assess areas in which we can offer help,' Ngari said.
Ngari noted that the bank had implemented various measures to support its customers, including a 3-month holiday for loan holders, a 12-month extension on personal loans and mortgage, and a 6 to 12-month credit card payment extension. The bank has also waived all its digital fees for clients, amounting to Sh5 Million monthly, which has seen most clients prioritize mobile and digital banking.
Furthermore, the bank has committed USD1 billion of financing for companies that provide goods and services to help fight COVID-19. Ngari asserted the bank's commitment to supporting COVID-19 fighting mechanisms by giving access to funding. 'We are working with both our clients and non-clients who are at the forefront of fighting COVID-19 to secure preferential financing,' he said.
