Old Mutual has pledged R50 million towards a comprehensive Covid-19 response, in partnership with government, business, labour and civil society.
Picture: Karen Sandison/African News Agency(ANA)
Old Mutual has pledged R50 million towards a comprehensive Covid-19 response, in partnership with government, business, labour and civil society. Picture: Karen Sandison/African News Agency(ANA)

Old Mutual pledges R50m towards comprehensive Covid-19 response

By Dhivana Rajgopaul Time of article published Mar 25, 2020

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DURBAN - Old Mutual has pledged R50 million towards a comprehensive Covid-19 response, in partnership with government, business, labour and civil society. 

This relief package would primarily be channeled towards educational initiatives that address both immediate and emerging needs across the sector, brought about by the impact of Covid-19.

The business has been actively engaging its partners via the Business Unity South Africa (BUSA) channels to ensure that the delivery of relief efforts is aligned and effective.

Director of Corporate Affairs and Responsible Business at Old Mutual, Maserame Mouyeme, said that the group’s contributions would include a mix of monetary donations, service and distribution capabilities as well as project management resources to support national, regional and local relief efforts. 

The Group has announced the following immediate actions out of the pledge:

1. An initiative to provide nutrition to thousands of children who would not be able to access school feeding schemes as a result of the Covid-19 lockdown. This is in partnership with The National Department of Basic Education, in support of The Department’s National School Nutrition Programme, together with international and local NGOs;

2. The provision of hygiene awareness, e-learning and other materials to support continued learning during school closures;

3. The provision of financial education across all of its markets with a specific focus on managing the impact of Covid-19. Specific media interventions are already taking place across different platforms including digital and radio in all languages;

4. Old Mutual employees will be able to contribute to relief efforts through the Old Mutual Staff Volunteer programme in South Africa, one of the largest payroll giving schemes in South Africa. An initial contribution of R2 million from the Staff Volunteer programme has already been committed, with further support expected from thousands of employees in the coming weeks;

5. Old Mutual has identified key properties in its portfolio that can be utilised as depots and is engaging authorities to make these available as and when the need arises,

"As we collectively work to address the impacts of Covid-19 and flatten the curve, Old Mutual will continue working with all stakeholders to support the economy and assist the vulnerable," concluded Mouyeme.

Old Mutual is not the only financial institution to offer support to their clients this period of the coronavirus pandemic. Nedbank has committed to supporting their clients during this time of uncertainty and have offered a number of solutions to assist clients in good standing who are impacted by this pandemic.

This support could include deferring payments (or part thereof) for a suitable period, extending existing loan periods or extending additional credit to manage short term cashflow shortfalls.

FNB has also reaffirmed its commitment to helping SMEs and individual customers whose financial position is adversely impacted by Covid-19

The bank will be working with the Banking Association of South Africa (BASA), in engaging with the SARB and Government on solutions aimed at supporting both consumers and businesses through these difficult times.

FNB will be open for business to assist SMEs that qualify for credit to stabilise their cashflow and consumers who may want to cover unexpected expenses. 

BUSINESS REPORT ONLINE

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