Banks have approached the Covid-19 pandemic from the basic fact that it is a health crisis first, but with huge business ramifications.
All service delivery channels have been available to bank customers while banks are encouraging customers to utilise the mobile and other online channels as well as credit and debit cards.
While being open to business is necessary, it is the kind of relief banks are giving their customers that fits the bill for responsibility during a crisis.
The relief that the banking industry continues to provide its customers is underpinned by the fact that the Central Bank of Kenya (CBK) supported by Kenya Bankers Association (KBA) has played an instrumental role in supporting the economy mitigate the adverse effects of the Covid-19 pandemic.
The policy collaboration between CBK and KBA has entailed a close working relationship with banks; and we commend banks for the steadfast implementation of the measures which has resulted in the restructuring -- at a cost the banks have absorbed -- of an estimated Sh560 billion, equivalent to about 20 percent of the banking industry’s total loan portfolio.
