NAIROBI, Kenya, Jul 3- Kenya Commercial Bank Customers will now be able to redeem cash for their Simba Points after the bank honored customers’ requests to redeem their points for cash.
The service became popular after the spread of the pandemic with redemption of cash increasing exponentially.
Over 8.1 million Simba Points have been redeemed for cash which was used to purchase food and household items.
The redemptions between March and May were seven times those in January and February, reflecting the increased demand as Kenyans sought relief from the effects of the Covid-19 pandemic.
“In the face of certain challenges and a still-uncertain set of risks, we are providing support, as attractively as we can, so that every household can access financing through our Simba Points offering,” said KCB Group Marketing and Communications Director Angela Mwirigi.
“During this time where use of money increases your chance of contracting COVID 19, we are encouraging our customers to use our digital channels as a safety measure, while at the same time you will continue earning Simba points, which you can then redeem” she added.
The redemption of cash has been able to cushion customers especially during the COVID 19 pandemic.
The lenders announcement comes at a time when data by Tifa Research revealed that 43 percent of Kenyans lost their income, while 69 percent have had a reduction in earnings, reflecting how the pandemic has hammered the country’s economy.
However, Central bank of Kenya Governor Patrick Njoroge last week said that Kenya’s economy has been bouncing back since May owing to increased exports in tea, flowers, vegetables.
According to Njoroge, the economic indicators have reversed the expectations of the country’s GDP shrinking further where the virus has continued to disrupt normal ways of doing business.
“By all indications May the economy is bouncing back, the expectation that we were going to sink really much further, that has not been borne by reality or numbers,” Njoroge said during post MPC media briefing.