Moezz Mir

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Theme | Supporting Post Covid-19 Enterprise Recovery, Resilience
Topic | Anchoring Sectoral-Level Growth Amid Fragile Post-Covid Recovery
MONTH | May 2021

After more than one year since the advent of the Coronavirus Disease (Covid-19), enterprises continue to reel from the adverse impact of the disruption. While some sectors have not been significantly affected, most segments of the economy are struggling to regain their pre-covid flourish. The most affected sectors include travel, tourism, hospitality, aviation, education, and SMEs, among others. The Travel and hospitality sector creates close to two million jobs, accounting for more than 10 percent of total employment in the country. Beyond the fiscal and monetary interventions instituted in light of the pandemic, banks continue to collectively and individually explore ways of best supporting the affected sectors to aid recovery. These include renegotiation of existing contracts and restructuring of payments. To date, the banking sector has restructured an estimated Ksh.1.7 trillion worth of loans, representing 57 percent of the sector’s estimated Ksh.3 trillion loan book.

Key Messages

1.The banking industry continues to implement post Covid-19 strategies geared towards supporting affected sectors.

2.Banks continue to engage customers whose businesses have been affected by the pandemic and exploring the best recovery financing options.

3. The banking industry, through the Kenya Bankers Association is spearheading capacity building initiative aimed at de-risking affected SMEs and enhance their ability to access credit.