Jeremy Awori

CEO's Profile

Theme | Supporting Customers In The Coronavirus Disruption
Topic | Supporting SMEs Affected by the COVID-19 Disruption
MONTH | May 2020

The Coronavirus Disease (Covid-19) continues to affect businesses across the country. While the impact is widespread, Small and Medium-sized enterprises have been most affected. It is estimated that there are over 6 million SMEs in Kenya, creating about 13 million jobs every year. These statistics underscore the important contribution of the businesses to the economy. For this reason, the banking industry has been on the forefront in ensuring the businesses are able to sustain their operations despite the challenges posed by the pandemic. These strategies are intended to cushion the enterprises against the prevailing market shocks and ensure they continue to contribute to the overall economic development.

Key Messages

1.The banking industry is committed to continue supporting SMEs by creating strategies designed to help them access credit.

2.In light of the Coronavirus pandemic, banks have extended various reliefs to customers. These include provision of short-term loan holidays for customers whose businesses have been affected, extension of loan tenures, and facilitating timely payments. Many banks have also waived transaction fees and enhanced services offered on online and mobile banking platforms.

3.The industry will continue to work with customers and exploring more ways by which they can be supported through individual bank’s initiatives and the guidelines provided by the Central Bank of Kenya.