Standard Chartered Bank has announced the restructuring of its loan facilities worth over Ksh. 8 Billion to support key sectors in the economy that have been affected by COVID 19. Some of the key sectors that have been supported include Tourism & Hospitality, Building & Construction, Trade and Manufacturing and SMEs which have experienced disruptions as a result of the pandemic.
Other than restructuring, the bank has implemented a raft of measures to support their customers 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 for its customers in bid to offer some relief during these challenging times. They have also waived all its digital fees for clients, a move that has since seen most clients prioritise mobile and digital banking for their banking needs.
Kariuki Ngari, CEO Kenya & East Africa, Standard Chartered Bank, had this to say, “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.”