Stanbic and Equity Banks Waive Bank Fees, Give Grace Periods for Loans Amid Coronavirus Outbreak

Stanbic and Equity Banks Waive Bank Fees, Give Grace Periods for Loans Amid Coronavirus Outbreak

Stanbic Bank Kenya and Equity Group have waived fees for bank transfers done through electronic fund transfer.

The Central Bank of Kenya (CBK) agreed with the banks to waive mobile money transfer charges starting Monday night until June 30 in the push for cashless payments aimed at curbing the spread of the coronavirus.

The lenders have waived all mobile banking transaction fees on both the app and USSD.

“Equity will fully support these initiatives. In line with this reality, and in keeping with our core belief of giving dignity and socially and economically empowering our customers and communities, in addition to the measures the Government and CBK advisories have proposed,” Dr. James Mwangi, Group Managing Director and Chief Executive Officer Equity Group Holdings Plc said Friday.

As a result, Equity has waived Mobile Banking Transaction Fees up to 30th June 2020 on Equity Mobile bank transfers, Bank to Mobile Wallet transfers, Mobile Wallet to Bank transfers, Customer Payments using Equity Cards and Mobile payments for Bills.

Relief to loan borrowers

In a statement on Friday, Stanbic bank said it will consider relief to borrowers on their personal loans based on their individual circumstances arising from the pandemic.

“To this end, we will review requests from borrowers for extension of their loan for a period of up to twelve months and we encourage all our clients who may wish to seek relief to contact their relationship manager or branches to initiate the process,” it said.

On the other hand, Dr Mwangi said short term personal and Micro Loans will be processed digitally on mobile and internet and credit cards. 

“Credit limits for Personal and Micro customers will be pre-marked for easy and automatic access for existing account holders by 31st March 2020,” he said.

On existing loan facilities Equity said customers with existing loan facilities who may require accommodation can engage them.

Stanbic Holdings Plc says it will assess the impact of the pandemic on medium-sized enterprises and corporate borrowers and look to support them.

This is by considering extending and or restructuring their loans based on their respective circumstances. 

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