DURBAN - The Absa Group has granted payment relief of R5.8 billion to about 376000 account holders in its retail and business banking (RBB) division to help its clients to deal with the Covid-19 outbreak.
Deputy chief executive of retail and business banking at Absa Bongiwe Gangeni said the cash-flow relief has been offered to the bank’s customers who are in good standing as at the end of February.
“We do understand that it has been a difficult period for the country and for our customers as well. Our aim is to assist our clients to deal with the outbreak by offering this three-month relief,” Gangeni said.
She said while the bank is working intensely to engage as many financially stretched customers as possible, it is pleasing that they have, within a few weeks, managed to assist such a high volume of customers and clients.
“We expected this huge demand for the relief because the outbreak has affected all of us, including small to big businesses as well as individuals. We saw a huge demand when we opened this relief at the end of March but now the numbers of applicants have started to ease off a bit,” she said.
Gangeni attributed the success of the payment relief programme to its simplicity and comprehensive nature.
“Like we said, the relief is available to all customers in good standing and there are no administrative fees, turnover limits or income thresholds,” Gangeni said.
She said the bank initially sent emails to customers and encouraged them to opt-in.
“Opting-in is seamless and can easily be completed by responding directly to Absa’s customer correspondence or by applying online,” she said.