FINANCIAL SUPPORT

Equity to restructure customers' loans

Accommodation includes principal and/or interest repayment breaks or reduction of repayment instalments.

In Summary
  • Clients who can demonstrate the impact of Covid-19 on their businesses and soundness of their business model will have their loans rescheduled.
  • They will get an additional three years to repay their loans.
Equity Bank CEO James Mwangi
Equity Bank CEO James Mwangi
Image: FILE

Equity bank has restructured Sh92 billion loans to help customers weather Covid-19 shocks.

Clients who can demonstrate the impact of Covid-19 on their businesses and soundness of their business model will have their loans rescheduled and get an additional three years to repay them.

“We believe that by supporting our existing clients, we shall help them keep their supply chains open and functional while maintaining their employees on their jobs,” said James Mwangi, the group managing director and CEO.

 
 

The accommodation includes principal and/or interest repayment breaks or reduction of repayment instalments.

“We know this crisis is not going away anytime soon since the health crisis has not been resolved. For this reason, we opted to support our customers,” Mwangi said.

The group will work with its customers to expand their opportunities in the health sector by financing them to manufacture items such as face masks and personal protective equipment locally while helping to create regional supply chains.

To protect its customers and clients, Equity Group has invested massively to support contactless environment and working from home.

Equity’s Points of Sale are now Near Field enabled (NFC) and are tap and go.  Equity USSD Eazzy 247 channel has been revamped for ease of use while Equity Eazzy App has been revamped for a better experience.

Other online banking services, Eazzy net, Eazzy Bizz and Eazzy Forex have been reviewed to ease customers' journeys to enable Equity banking experience to be “what you do” other than “where you go”.

 

 “Equity will play to its capital strength, balance sheet agility and liquidity to support a long-term view and walk with our customers throughout the crisis,” Mwangi said.

 

He appealed to customers to exercise caution in their decisions in order to preserve their business capital during this period of uncertainty, saying businesses will have to take hard but critical decisions in order to sail through the crisis.