Equity Bank has opted to support its customers by restructuring their loans amounting to KSh92 billion for up to three years.
The Group reiterated that the restructuring is available to customers who demonstrate the impact of the coronavirus on their businesses, as well as show the soundness of their business model in the new normal. Thereafter, they will get a reprieve of loan rescheduling and refinancing with an additional three years of repayment.
The restructuring includes principal and/or interest repayment breaks or reduction of repayment installments.
Furthermore, the group will work with customers to expand opportunities in the health sector by providing funds for the manufacture of health equipment including face masks and Personal Protective Equipment (PPEs) locally, while creating regional supply chains.
The group will also support the food and agriculture sector to enhance production, processing, distribution, and export.
Equity group also pledged support for the ICT sector and other initiatives to digitize the economy, all in a bid to create new growth and employment opportunities.
Equity Group CEO, Dr. James Mwangi said that in addition to working with its customers, the Group has created alliances with KAM (Kenya Association of Manufacturers), Kenya National Chamber of Commerce and Industries (KNCCI), and the Kenya Micro and Small Enterprises Authority (MSEA).
With the support of the Mastercard Foundation, the alliances seek to mitigate the adverse effects of COVID19 through capacity and resilience building to preserve and create 5 million jobs.
Central Bank of Kenya (CBK) figures show that banks extended the repayment period of personal loans worth KSh105.2 Billion at the end of April 2020. This is compared to KSh9.9 Billion in March.