Standard Chartered Bank has given its customers relief by offering to restructure their loans worth Sh8 billion following Covid-19 economic effects.
According to the bank's Chief Executive Officer Kariuki Ngari, the move is especially meant to cushion employees in sectors such as tourism and hospitality, building and construction as well as trade and manufacturing.
“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 impact of Covid-19, we have proactively reached out to our retail, commercial and global clients to understand the effects of the pandemic to their businesses, and assess areas in which we can offer help," said Mr Ngari.
"Access to funding and loan repayments was a key pressure point which is why we have restructured loan facilities worth over Sh8 billion to support the aforementioned sectors.”
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Standard Chartered has already waived all digital fees amounting to Sh5 million monthly, a move that has since seen most clients prioritise mobile and digital banking for their banking needs.
Ngari noted that Standard Chartered has since the beginning of the pandemic implemented a raft of measures to support its customers including a three-month holiday for loan holders.
It has also announced a 12-month extension on personal loans and mortgages and a six to 12-month credit card payment extension for its customers in a bid to offer some relief.
Globally, the bank has committed $1 billion (Sh106 billion) to finance companies that are planning to switch into manufacturing products such as masks and sanitisers that are meant to fight the global pandemic.
Ngari stressed that Standard Chartered is committed to supporting Covid-19 fighting mechanisms by giving access to funding. “We are working with both our clients who are at the forefront of fighting Covid-19," he said.
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