As governments and institutions world over battle the novel-CoronaVirus, the situation has grown dire throwing many into a limbo. For weeks and months, in recent times, many have been rendered jobless as factories and businesses have been forced to shut following governments’ directives.
This has given rise to new norms such as many having to work remotely or from home and given rise to the use of digital platforms such as video conferencing for meetings.
It is with this on the hindsight calls have been made to affected persons to find ways that will help them navigate such unprecedented times. Speaking during an hour-long Enwealth Financial services webinar Wednesday morning, NCBA Business banking deputy director Michael Kamau noted COVID-19 did not give time to plan, more so to financial institutions, but rather take action to manage through.
“(The) financial institutions that will grow are the ones that take steps to help their customers survive through these tumultuous times”, said Kamau.
Repeated calls on financial discipline have been made across the divide. With limited resources and growing daily spending, a cut in expenditure, according to analysts and market watchers, will help in pulling through up until normalcy resumes.
According to financial advisor, Simon Wafubwa, CEO EnWealth, based on how one uses money during an uncertain period of time will largely determine how the other end will be urging the general public to sanitize finances from the wasteful expenditure.
“The biggest threat to your money is yourself. Acquire knowledge that will help build your financial well-being into the future”, said Wafubwa, CEO, Enwealth Financial Services.
Five months since the reporting and confirmation of the first CoronaVirus case in China and a subsequent spreading to nearly every nation on earth, it has led to a closure of many factories and on-location businesses prompting for a rise in the use of ICTs leading to an increase in demand of internet and video conferencing tools providers.
This, according to Wafubwa, has given effect to not lock down ideas stating one can work through the existing ICT infrastructure to help move forward even after the restrictions have been lifted.