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J DiBenedetto

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Equity Group Supports Customers by Restructuring Loans of up to Ksh. 92 Billion ($860M+ USD) For ...
• Relief aimed at easing customer’s burden on their enterprises caused by COVID-19 economic impact • Personalized solution to suit individual customer’s circumstances

Equity Group Holdings Plc, 5/22/2020 - Equity Center, Nairobi – May 21, 2020: Equity Group has triggered a Business Continuity Plan (BCP) to protect its customers, staff, and business. The Group Board has evaluated the economic impact of the business lockdown, curfew, and breakdown of the global supply chains.

In view of the situation, the Group adopted a dual offensive and defensive approach to protect its customers, staff, and business. From the defensive perspective, the Group is taking a personalized approach in restructuring customer loans, helping them navigate through the COVID-19 pandemic that evolved to be a socio-economic crisis.

Equity Group will support its clients and customers to survive, recover and thrive by the end of the COVID-19 pandemic. The accommodation includes principal and/or interest repayment breaks or reduction of repayment installments. This gesture is intended to ensure our clients focus on cash preservation. “We know this crisis is not going away anytime soon since the health crisis has not been resolved. For this reason, we opted to be a patient and listening caring partner,” said Dr. James Mwangi, Group Managing Director and CEO.

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.

To protect customers and clients, Equity Group has massively invested in supporting a contactless environment and work from home programs. Equity’s point of sale terminals are now `Near Field’ enabled (NFC) and are tap and go. The Equity USSD Eazzy 24/7 mobile channel has been revamped for ease of use while the Equity Eazzy Banking App has been improved for better user experience. Eazzy Net, Eazzy Bizz and Eazzy Forex have been updated to ease customer’s journey’s, enabling the Equity banking experience to be “what you do” rather than “where you go”.

“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 this test into an opportunity to thrive,” said Dr. Mwangi.

He also highlighted that the Group forged alliances with the Kenya Association of Manufactures (KAM), Kenya National Chamber of Commerce and Industries (KNCCI) and the Kenya Micro and Small Enterprises Authority (MSEA). The alliance, with support from the Mastercard Foundation is aimed at synergizing and working together to mitigate the adverse effects of the current economic slowdown through capacity and resilience building to preserve and create 5 million jobs.

About Equity Group Holdings, Plc

Equity Group Holdings is a Pan-African financial services group based in Nairobi, Kenya with Bank subsidiary operations in Kenya, Rwanda, Uganda, Tanzania, South Sudan, and the Democratic Republic of the Congo. The Group’s operations include fintech company, Finserve Africa; and networked health care provider, Equity Afia. Since 2008, the Group’s corporate foundation, Equity Group Foundation (EGF), has delivered humanitarian programs in Education and Leadership, Food and Agriculture, Social Protections, Health, Clean Energy and the Environment, and Enterprise Development and Financial Inclusion to millions of Africans in the region. Equity was founded in Kenya in 1984 as the Equity Building Society, and now enjoys the position of the largest financial services and banking group in Africa by customers and deposits.

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