It was because there is a need to shut it down to buy time, to delay the spread of the virus while building the country’s health capacity. Amid this challenge, the domestic banking system can be harnessed to support economic recovery. Specifically, they provide cash flow support to individual clients and micro, small and medium enterprises.
Banks are also our conduits in the accelerated promotion of digital banking and electronic payments transactions of our countrymen during the pandemic. On this note, our strategy of combatting the COVID-19 pandemic with the help of the banking system is focused on four critical areas. First, to provide sufficient liquidity to support Government’s efforts of saving lives and livelihoods.