This archive report was first published on 8 May 2020.
As the Covid-19 pandemic continues to affect various sectors of the economy, Standard Chartered Bank has come up with a relief package for its customers. The bank has announced that it will restructure loans worth Sh8 billion to support employees in sectors such as tourism and hospitality, building and construction, and trade and manufacturing.
According to the bank's Chief Executive Officer Kariuki Ngari, the move is aimed at cushioning the impact of the pandemic on these sectors. “As a bank, we believe we have two priorities during this pandemic, protecting our staff, and supporting our clients and communities,” he said.
Ngari noted that the bank has already implemented a raft of measures to support its customers, including waiving all digital fees amounting to Sh5 million monthly. This move has seen most clients prioritise mobile and digital banking for their banking needs.
Standard Chartered has also announced a 12-month extension on personal loans and mortgages and a six to 12-month credit card payment extension for its customers. Globally, the bank has committed $1 billion (Sh106 billion) to finance companies that are planning to switch into manufacturing products such as masks and sanitisers.
Ngari stressed that Standard Chartered is committed to supporting Covid-19 fighting mechanisms by giving access to funding. “We are working with both our clients who are at the forefront of fighting Covid-19,” he said.
