Africa Financial Sector Responses to COVID-19 - Kenya

Jul 28, 2020

This page presents measures and initiatives by the Kenyan government, national central bank and Development Finance Institutions (DFIs) in support of a resilient domestic financial sector facing the effects of the COVID-19 pandemic.

Disclaimer: This page contains information and links from third parties. These links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by MFW4A.

Instrument

Institution

Financing volume

Description 

Multilateral Line of Credit

International Finance Corporation

USD 50 million

(July 22, 2020) Equity Bank Kenya has secured a USD 50 million loan to help increase its working capital and trade-related lending to Small and Medium Enterprise (SME) clients.

Regulatory measures

Central Bank of Kenya

N/A

(June 29, 2020 The central bank extends its free mobile money payments measure by 6 months.

Multilateral Line of Credit

World Bank

USD 1 billion

(May 20, 2020) The World Bank approves USD 1 Billion Financing for Kenya, to Address COVID-19 Financing Gap and Support Kenya’s Economy.

Regulatory measures

Central Bank of Kenya

N/A

(March 18, 2020) The central bank formalizes an agreement with commercial banks to restructure their portfolios of non-performing loans that are on the rise due to the negative impact of COVID-19.

Regulatory measures

Central Bank of Kenya

N/A

(March 17, 2020) The central bank recommends that commercial banks :  
* Eliminate bank charges for transactions between a bank account and a mobile wallet;
* Increase the maximum limit for money transfers by mobile phone for Small and medium enterprises (SMEs).


 


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