This archive report was first published on 23 May 2020.
As the COVID-19 pandemic continues to affect businesses globally, Equity Group has taken proactive measures to support its customers. The Group has introduced a Business Continuity Plan (BCP) to mitigate the economic impact of the pandemic.
With the pandemic evolving into a socio-economic crisis, Equity Group is taking a personalized approach in restructuring customer loans. This includes loan rescheduling and refinancing for up to an additional three years, providing clients with a reprieve from the economic impact of the pandemic.
According to Dr. Mwangi, Equity Group Managing Director & CEO, "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".
Equity Group's accommodation includes principal and/or interest repayment breaks or reduction of repayment instalments. This gesture is intended to ensure clients focus on cash preservation to ensure the survival of their businesses and enterprises.
Additionally, Equity 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, as well as support innovation in ICT and other initiatives to digitize the economy.
