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Absa launches extensive COVID-19 payment relief programme

patriot by patriot
November 21, 2020
in Business
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Absa launches extensive COVID-19 payment relief programme
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As South Africa and the world confront the public health, financial and economic implications of the COVID-19 pandemic, Absa Group is rolling out an extensive relief programme for eligible customers impacted by COVID-19.

“We realise that this is a difficult time for our customers and businesses whose financial means are being negatively affected. After careful consideration and engagements with regulators, we are pleased to introduce a comprehensive customer, business and corporate relief programme. This programme, effective on Monday, 30 March 2020, is in line with the principles of an industry agreed approach https://www.banking.org.za/news/banks-respond-to-covid-19/. We urge those of our customers who are able to continue making their payments, to do so. This will enable us to extend these measures to many more who are not in a similar position,” said Daniel Mminele, Group Chief Executive of Absa.

Eligible customers in need of short-term liquidity relief will qualify for the relief programme that applies to Absa’s credit products. These relief measures apply to Absa’s corporate, wealth, business bank, private bank and retail customers. Crucially, this programme will not attract additional administration fees for customers.

Support to corporate and business banking clients will entail solutions based on their unique requirements and operations. Businesses and corporates are encouraged to contact their relationship managers for further details.

The programme incorporates a three-month payment relief and allows customers in need of short-term financial relief to reduce their monthly instalments. Customers in good standing (with up-to-date accounts), and who have been financially impacted by the pandemic will have the opportunity to opt-in for payment relief, aimed at assisting with cash flow needs. This means the programme will give customers the opportunity to either continue paying if they are in a position to, to pay reduced instalments by agreement with the bank or to defer payments for a period of three months.

Relevant agreements will be adjusted, by revising the loan period and capitalising interest during the relief period.

“The programme is testament to our commitment to finding real, customer-focused solutions, in a time of great uncertainty for everyone,” said Arrie Rautenbach, Chief Executive of Absa Retail and Business Banking (RBB) South Africa.

The principles applicable to this relief programme in South Africa are extended to Absa’s other markets in Africa but will be implemented subject to the various conditions, laws and regulations applicable in each country.

“Absa campuses also have small and medium sized enterprises such as hairdressers, pharmacies, florists and coffee shops, among others as commercial tenants. In recognition of the role SME’s play in creating jobs and sustaining livelihoods, these businesses have been granted a rental holiday for the next three months,” said Mminele.

We will continue to monitor the situation closely and adjust our relief programme where necessary.

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  • MASISI TO GRACE UB ALUMNI RÉUNION ON FRIDAYMarch 29, 2023
    The University of Botswana Foundation (UBF) will on 31st March 2023, host its Inaugural Alumni Reunion which will be held at the University of Botswana Campus Indoor Sports Centre under the theme “UB Alumni: Our Gateway to Academic  Excellence”. […]
  • Masisi’s 5 years Presidency scorecardMarch 29, 2023
    April 1 2023 marks President Mokgweetsi Masisi’s five years in office. He will seek a second term in next year’s general elections. Although Masisi has delivered on some of the promises he made in 2019 others remain a pie […]
  • Mine Workers Union maintains stance against LucaraMarch 29, 2023
    Botswana Mine Workers Union (BMWU) has previously enjoyed cordial relations with Lucara Botswana. It was until the Union’s intervention on reports of maladministration that the relationship between the parties took a turn for the worst. It would have been […]
  • BDP admits job creation failuresMarch 29, 2023
    KABO RAMASIA editors@thepatriot.co.bw Pressure is mounting on the ruling Botswana Democratic Party (BDP) due to unprecedented rise in unemployment levels, with the latest figures showing that 33.5 percent of young people are roaming the streets. According to a Quarterly […]
  • Lucara accused of firing 50 security guards for whistle blowingMarch 27, 2023
    Botswana Mine Workers Union (BMWU) has resolved to defend its fifty (50) members under the security department of Lucara Botswana against a systematic targeting by its unethical managing director, who has orchestrated a retrenchment exercise to purge employees who […]
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