ASSISTANCE

Call for business support through philanthropy

In Summary
  • In a webinar hosted by the Kenya National Chamber of Commerce, the leaders urged banks and other financiers to adopt philanthropy through commercial lending.
  • Globally, some firms such as Vista Jet have stated giving back to the society during this pandemic.
Kenyan currency in Sh10 denomination. /FILE
Kenyan currency in Sh10 denomination. /FILE

Various leaders in the financial sector are calling upon financial institutions to support Kenya through commercial lending during the coronavirus pandemic.

In a webinar hosted by the Kenya National Chamber of Commerce, the leaders urged banks and other financiers to adopt philanthropy through commercial lending.

“Banks need to come through for the people during this period and I would like to laud some adjustments by various banks such as extending repayment times for credit,” said Elizabeth Wasuna, Director Business Banking, Absa Bank.

 
 

Wasunna said that the banks should also ensure that staff are safe through moving more to cashless environment in their transactions.

“One of our products dubbed Stawi which we launched last year has really been useful to small businesses who want to access credit during thus hard economic time,” said Habil Olaka, CEO Kenya Bankers Association.

The current disruptions in businesses due to the virus will impact heavily on businesses hence the need for the financial institutions to assist them.

Globally, some firms such as Vista Jet have started giving back to the society during this pandemic.

The air charter company is offering free flights for essential workers to help ensure that those with critical travel requirements are able to keep moving.

“Coronavirus is wreaking havoc in our lives, our economies and societies therefore we need to mobilize our resources to defeat this disease,” said David McNair , Executive Director for global policy, the One campaign.

According to McNair the G20 should deliver an emergency economic stimulus of $100 billion(Sh10 trilion), as requested by African governments, to fund the immediate health response in Africa, social safety nets for the most vulnerable, feeding and protecting out of school children, and to protect jobs.