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Credit Bank Launches a Clearing Solution for its Corporate Clients to keep their Businesses Moving as the World Fights COVID-19 Pandemic.

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Credit Bank has launched a service that brings banking closer to your home or office comfort. This solution allows the clientele to bank cheques from the comfort of their premises.

The effects of the ongoing COVID-19 pandemic are being felt in almost every sector. The financial services sector is currently facing challenges such as banks reducing 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 its online platform services by providing free online money transfers services. This has enhanced the delivery of services including increasing limits on their mobile banking platform.

Corporate clients have traditionally relied on doing their banking physically. This called for innovation to address challenges of the pandemic and restriction put in place by the government. To meet our clients’ needs at their premises, the Bank has launched a digital corporate clearing solution. 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.

Eric Nyachae, Executive Officer for Business and Strategy points out, “we are aware that businesses and customers need additional help. 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 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 impact in terms of loss to GDP is 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).

“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,” Eric adds.

“With the newly launched Clearing Solutions, our corporates 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.”

Find out more on our corporate clearing solutions here.

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