Banks in South Africa are putting measures in place to ensure that individuals and small businesses cope with financial strain caused by the continuing spread of COVID-19.
Standard Bank is offering payment relief for small enterprise customers with turnover of less than R20 million, which will commence on April 1 until the end of June. The ‘payment holiday’ requires no action from customers and will be set up automatically unless they choose to opt out.
Standard Bank of South Africa chief executive, Lungisa Fuzile, said relief came from the capitalisation of interest and fees typically paid to the bank each month, and changing the terms of repayment to a later date
Nedbank is open to creating individual solutions for customers experiencing cashflow issues as a result of COVID-19. Customers with any loan agreements are advised to contact the bank to defer payments (or part thereof) for a suitable period, extend existing loan periods or extend additional credit to manage short term cashflow shortfalls.
On March 23, FNB said it was working on a variety of solutions to support business and would make further announcements in the days ahead. SMEs that may qualify for credit are still welcome to contact the bank.
ABSA’s ‘always on’ assistance programme is available for customers who may be battling to meet financial obligations. Customers are advised to approach the bank directly in the event of any form of uncertainty, including financial distress, during these unprecedented times.
