South Africa
Absa to roll out debt relief for its customers─── 14:30 Tue, 31 Mar 2020
Absa said it would be rolling out a financial relief programme for its customers as many South Africans face economic uncertainty during the coronavirus pandemic.
The bank is the latest to announce measures for eligible customers who've been adversely impacted by the 21-day lockdown.
Absa's Songezo Zibi said those who qualified would be able to reduce their monthly instalments or to defer payments for a period of three months.
“What we have decided to do is to recognise all forms of debt that our customers have and not limit it to a certain income group or certain type of product. This applies to all customers who qualify for debt relief who are able to pay less or not pay anything at all over the next three months.”
Absa has appealed to customers who are able make their payments to continue doing so.
Other banks, including FNB and Standard Bank, have also announced interventions to provide relief for hard-pressed clients.
