Equity Group Restructures 25pct of Loans due to Covid-19

Equity Group Stops KSh9Bn Dividend on Market Uncertainty

Equity Group Managing Director and CEO Dr. James Mwangi giving his address during the release of Q3 results at Equity Centre, Upper hill, Nairobi.

Equity has restructured KSh92 billion of loans, equivalent to about 25 percent of its net loans for up to three years.

The bank says clients who can demonstrate the impact of Covid-19 on their businesses and soundness of their business model in the new normal will get reprieve of loan rescheduling and refinancing with up to an additional three years of repayment. 

“We have been on a journey with our customers and wish to go far by walking together with 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 Dr. Mwangi, the Group Managing Director & CEO.

READ

On the offensive approach, the Group will work with its customers to expand their opportunities in the health sector by financing them to manufacture health requirements such as face masks and Personal Protective Equipment (PPEs) locally while helping to create regional supply Chains. 

Equity Group will support food and agriculture to enhance production, processing, distribution and export.  

The group will support innovation in ICT and other initiatives to digitize the economy.  All the offensive initiatives funding is anticipated to create new growth and employment opportunities.

“Equity Group 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.  We want to give every client a chance to turn the crisis into an opportunity to thrive,” said Dr Mwangi.

Other lenders who have offered relief to their customers include KCB Group, Absa Kenya, Co-operative Bank, NCBA Group and StanChart.

Equity: A Strong Partner in Social Investment Programs