The effects of the ongoing Covid-19 Crises are being felt in almost every sector and the financial services sector is currently facing challenges on multiple fronts globally where banks have reduced their opening hours and, in many cases, can only serve a few customers at a time due to social distancing rules.
Credit bank has enhanced their online platform services by providing free online money transfers services thus enhancing the delivery of their services including enhancement of limits on their mobile banking platform.
The institution has also enabled their corporate clients by increasing efficiency during the Covid-19 times due to restricted movements by enabling the clients to access the banking solutions at their own premises and meeting banking needs on demand.
The solution allows clients to achieve a higher Straight-Through-Processing (STP), real time visibility and higher levels of efficiency from payment initiation through to back-end processing.
Speaking to Bizna, the Executive Officer – Strategy and Business Development Eric Nyachae, “ We are aware that businesses and customers are in need of additional help, and hence as Credit Bank we have opened up virtual video conferencing applications like zoom and Skype to be able to meet clientele virtually through their relationship managers. This situation requires constant, careful handling from requires institutions as they seek to reassure customers, respond to their concerns, and earn their trust during this volatile period.”
According to McKinsey Report 2020, Kenya is facing a likely economic contraction. Under the contained-outbreak scenario, GDP growth could decline from 5.2 percent (after accounting for the 2020 locust invasion) to 1.9 percent—representing a reduction in GDP of $3 billion.
The biggest impacts in terms of loss to GDP are reductions in household and business spending (about 50 percent), disruption to supply chain for key inputs in machinery and chemicals (about 30 percent) and tourism (about 20 percent). In scenarios in which the outbreak is not contained, Kenya’s GDP growth rate could fall to -5 percent, representing a loss to GDP of $10 billion.
There are several measures we have undertaken to afford small business owners the ability to pivot. Reduced transaction costs on our digital platforms and free transactions on PesaLink are some of the measures.” He added.
“With the newly launched Clearing Solutions, our corporate clients do not need to worry about coming to the bank, they can now process their cheques from the comfort of their premises as well as make ALL electronic transfers including paying their staff. We are committed to ensuring our customers feel supported as we walk this journey together.”