This archive report was first published on 6 May 2020.
Published on May 6, 2020, Standard Chartered Bank has announced the restructuring of its loan facilities worth over Ksh8 billion to support key sectors in the economy affected by COVID-19.
The bank has waived all its digital fees for clients amounting to Ksh5 Million monthly, a move that has seen most clients prioritise mobile and digital banking for their banking needs.
As part of the measures to support its customers, the bank has implemented a raft of measures including a 3-month holiday for loan holders, 12-month extension on personal loans and mortgage, and a 6 to 12 month credit card payment extension.
According to Kariuki Ngari, CEO Kenya & East Africa, Standard Chartered Bank, the bank has proactively reached out to its clients to understand the impact of the pandemic on their businesses and assess areas in which they can offer help.
‘As a bank, we believe we have two priorities during this pandemic, protecting our staff, and supporting our clients and communities. In response to the impacts 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. Access to funding and loan repayments was a key pressure point which is why we have restructured loan facilities worth over Ksh8 billion to support the aforementioned sectors,’ Mr. Ngari said.
The bank has also committed USD1 billion of financing for companies that provide goods and services to help the fight against Covid-19, and those planning to switch into making products that are in high demand to fight the global pandemic.
