Standard Chartered Bank
has today announced the restructuring of its loan facilities worth over Ksh8
billion to support key sectors in the economy that have been affected by
COVID 19. Some of the key sectors supported include Tourism &
Hospitality, Building & Construction, Trade and Manufacturing and SMEs
which have experienced grave disruptions as a result of the pandemic.
“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,” Kariuki Ngari, CEO Kenya
& East Africa, Standard Chartered Bank said.
Mr. Ngari noted that
the Bank had since the beginning of the pandemic 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.
The bank has also
waived all its digital fees for clients amounting to Ksh5 Million monthly, a
move that has since seen most clients prioritise mobile and digital banking for
their banking needs.
Globally, the Bank has
committed USD1 billion of financing for companies that provide goods and
services to help the fight against Covid-19, and those planning to switch into
making products that are in high demand to fight the global pandemic.
Mr. Ngari asserted the
banks commitment to supporting COVID 19 fighting mechanisms by giving access to
funding. “We are working with both our clients and non-clients who are at the
forefront of fighting COVID-19 to secure preferential financing.