We will beat pandemic and come out stronger

Women who make a living out of beadworks at Masai Mara Game reserve receive food donations worth Sh2 million from the Maa Trust on March 3. The women used to sell their products, popularly known as "Ushanga", to tourists but the coronavirus has led to closure of their business. [Robert Kiplagat, Standard]

The world is going through an unprecedented crisis that is threatening to erase the economic and social development progress achieved in the last century. The Covid-19 pandemic is not only putting a strain on Kenya's healthcare system, it is also wreaking havoc on our economy and threatening the fabric that binds us together.

So far, our front-line workers have done a great job in their efforts to batter down the curve. Although the numbers of infections in our country keep on rising, they have been subtle compared to explosive outbreaks seen in other parts of the world. The number of recoveries has also significantly increased.

This is a demonstration that joint individual, corporate and government efforts are severing chains of infection and transmission. However, we are still not out of the woods yet. There are obvious dangers ahead. We must be firm and strictly follow government and World Health Organisation precautionary guidelines to stem the virus.

We still have a lot to do to stop the infections, cushion vulnerable people from the social and economic impact of this crisis, and ultimately to secure our common prosperity. This pandemic is a new test to our collective strength and we must work together to address it.

The precautionary measures and directives by governments and health experts to stop the spread of this virus are not new. They have worked in the past and looking at the history of other outbreaks such as SARS, Zika virus, H5N1 avian influenza and Ebola, we can only be optimistic that the interventions will finally deliver victory against the current disease. 

While the pandemic continues to significantly upset Kenya’s economic fundamentals, the business community has been at the forefront of developing creative solutions to halt the spread of the virus while at the same time keep the economy running.

At the global level, some of the biggest industrial names and electronics manufacturers have repurposed their factories for emergency productions of ventilators and other diagnostic tools.

Locally, this pandemic has accelerated production of the hitherto imported personal protective equipment, with various industries also focusing on the production of hand sanitisers. Our universities are spearheading the production of key items like ventilators. We are witnessing the Kenyan altruism at its finest.

Beyond this, the private sector is also pledging financial support towards curbing the socio-economic impact of this pandemic. This is not a new phenomenon in Africa. As a people, we have always shown solidarity and stood by each other in difficult times.

This crisis has been dynamic and intense for all of us, but it offers us an opportunity to recapture the spirit of ‘Ubuntu’ demonstrated by empathy, responsibility and solidarity. In other words, we can turn this crisis into an opportunity of fostering hope, national unity and love for fellow human beings.

In the past, we have come together to combat disruptions like famine and other disasters. This time is no different. Our collective effort is our secret weapon in the war against this contagion. Only by working together can we overcome the pandemic and minimise its impact on our personal lives, social and at business levels.

In the banking industry, we have proactively committed to contribute funds towards emergency interventions to cushion vulnerable citizens affected by the pandemic. We have rolled out a slew of measures to cushion customers who are adversely impacted by the pandemic. At KCB Group, for example, we are taking actions to ensure that we responsibly overcome the immediate challenge facing the country while also doing everything in our power to support our customers to recover from the disruption as quickly as possible.

We have contributed Sh150 million to the Emergency Response Fund, but more importantly, have unveiled packages to support our customers in distress. It is our hope that these concerted efforts will mitigate the impact of the virus while also keeping our economy afloat. 

The Central Bank of Kenya has also worked out interventions to support banks by enhancing liquidity management by financial institutions and strengthening the resilience of the sector.

Collectively, we recognise that banking is at the heart of the economy and as leaders, we must be the steward of resilience. We have to be in the frontline, invigorating the indomitable spirit of our people to carry on in the face of this adversity.

As we continue to navigate this new normal, it is also important that we also leverage technology as a toolset of unimaginable value and as a critical social field.

Africa has faced difficult times before, but we always rise to the occasion. This is one of those times, and it will require all of us to confront this challenge with a unified voice. I am confident that if we pull together, we will emerge stronger. Let us all maintain hope and stay safe, we will beat this pandemic.

Mr Oigara is the KCB Group Chief Executive Officer and Managing Director and the Chairman, Kenya Bankers Association Governing Council