COVID-19

Stanbic considers loan relief, free transfers for customers

The bank has implemented free transfers between M-Pesa and bank account on the Mobile app and USSD

In Summary

•The lender has also waived account balance inquiry fees on mobile banking on both the app and USSD.

•The bank says it will consider relief to borrowers on their personal loans based on their individual circumstances arising from the pandemic.

Stanbic Bank chief executive officer Charles Mudiwa with head of Corporate and Investment Banking Anton Marais during an analysts and media stakeholder briefing in Nairobi on March 1, 2019/FILE
Stanbic Bank chief executive officer Charles Mudiwa with head of Corporate and Investment Banking Anton Marais during an analysts and media stakeholder briefing in Nairobi on March 1, 2019/FILE

Stanbic Bank Kenya has implemented free transfers between M-Pesa and bank account on the Mobile app and USSD, as it moves to support its customers navigate through the coronavirus challenges.

The lender has also waived account balance inquiry fees on mobile banking on both the app and USSD.

In a statement on Friday, the bank said it will consider relief to borrowers on their personal loans based on their individual circumstances arising from the pandemic.

 

To this end, we will review requests from borrowers for extension of their loan for a period of up to twelve months and we encourage all our clients who may wish to seek relief to contact their relationship manager or branches to initiate the process,” it said.

The Nairobi Securities Exchange listed bank (as part of Stanbic Holdings Plc), says it will also assess the impact of the pandemic on medium-sized enterprises and corporate borrowers and look to support them.

This is by considering extending and or restructuring their loans based on their respective circumstances.

The bank said it will be on hand to assist customers in exploring, and will do best its best to provide any other financial solutions that will address their challenges and support them through this difficult period.

Stanbic Bank Kenya recognises that we as a country are collectively affected by the Coronavirus disease (COVID-19).We appreciate that the financial impact is already being felt across a wide range of sectors in our economy,” the lender notes.

Its move is in line with the directive from the Central Bank of Kenya in a statement dated March 18, 2020, where the regulator asked the banking sector to consider measures that will ease pressure on borrowers and support the fight against the spread of coronavirus.

To help curb the spread of the virus, Stanbic now urges its customers to take advantage of all its digital platforms to carry out transactions. These include mobile banking and internet banking.

 

Our contact centre will remain operational 24//7 in order to respond to any inquiries,” the statement reads.

It has put in place hand sanitizers at the various customer touch points including ATMs, Cash Deposit Machines and banking halls across the country.