This archive report was first published on 21 May 2020.
As the COVID-19 pandemic continues to ravage the economy, Equity Bank Group has taken a bold step to support its customers by restructuring loans worth Sh. 92 billion. This move is aimed at providing stability and hope for the road ahead, and to help customers survive and recover from the economic impact of the pandemic.
According to Equity Bank's chief executive officer, Dr. James Mwangi, the loan restructuring includes principal and/or interest repayment breaks or reduction of repayment installments. He emphasized that the bank wants to give every client a chance to turn the crisis into an opportunity to thrive.
Dr. Mwangi also announced that the Group has forged alliances with key stakeholders, including the Kenya Association of Manufacturers (KAM), Kenya National Chamber of Commerce and Industries (KNCCI), and the Kenya Micro and Small Enterprises Authority (MSEA), to synergize efforts and mitigate the adverse effects of the economic slowdown. The alliance, supported by the Mastercard Foundation, aims to preserve and create 5 million jobs.
With this loan restructuring, Equity Bank is playing to its capital strength, balance sheet agility, and liquidity to support a long-term view and walk its customers throughout the crisis. Dr. Mwangi's statement, 'We have been persuaded to think anew and act anew and hope that our initiative will provide stability, a steady hand and hope for our clients and customers for the road ahead and dial their fear down so that together we can save jobs, survive, preserve agility, flexibility and capacity to bounce back not only to survive and recover but to recover and succeed,' reflects the bank's commitment to supporting its customers during this challenging time.
