This archive report was first published on 22 May 2020.
As the COVID-19 pandemic continues to affect various industries, Equity Group has taken a proactive approach to support its customers. The group has restructured customer loans of up to Ksh. 92 billion for up to three years to help clients navigate the pandemic.
The restructuring includes principal and/or interest repayment breaks or reduction of repayment installments. This gesture is intended to ensure clients focus on cash preservation to ensure survival of their businesses and enterprises.
Equity Group's Group Managing Director & CEO, Dr. James Mwangi, emphasized the importance of supporting customers during this challenging period. 'We have been on a journey with our customers and wish to go far by walking together with them. We believe that by supporting our existing clients, we shall help them keep their supply chains open and functional while maintaining their employees on their jobs,' Dr. Mwangi said.
On the offensive approach, the Group will work with its customers to expand their opportunities in the health sector by financing them to manufacture health requirements such as face masks and Personal Protective Equipment (PPEs) locally. The group will also support food and agriculture to enhance production, processing, distribution, and export.
Equity Group has invested massively to support a contactless environment and working from home. The group's Points of Sale are now Near Field enabled (NFC) and are tap and go. Equity's USSD Eazzy 247 channel has been revamped for ease of use while Equity Eazzy App has been revamped for better experience.
Dr. Mwangi appealed to customers to exercise caution in their decisions in order to preserve their business capital during this period of uncertainty. He also challenged entrepreneurs to be innovative in looking for opportunities that the crisis presents to re-imagine their business models and operating strategies.
