To play its part in reducing the impact of COVID-19 on customers,Nedbank says it will offer all clients “individual solutions to cashflow challenges”.
The solutions will be available to clients in good standing who are impacted by this pandemic.
“We undertake to work with our clients to help them through this period of enormous challenge for all South Africans,” the bank said in a statement.
“This undertaking to work alongside and support our clients with suitable individual solutions to cashflow challenges they may experience as a result of COVID-19 extends to any loan agreement they have with us.
“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.”
Clients are encouraged to contact the bank telepathically.
“We continue to work with our clients, regulators, industry bodies and government to mitigate the impact of COVID-19 and will provide further guidance to clients on these matters as they evolve,” added Nedbank.
Rival Standard Bank announced on Sunday that it is giving all of its business clients with a turnover of less than R20 million a year (and are up to date with their credit payments) as well as students, a debt repayment holiday from 1 April to end-June.
Businesses don’t need to apply for the debt repayment holiday – it will automatically apply to all clients with a turnover of less than R20 million per year, who are up to date with their payments as at the end of March 2020 and are in good standing with Standard Bank.
“This measure will not only assist our small business clients with managing their cash flows, but also allow them to honour payments to their own employee base,” said the bank.
While the COVID-19 pandemic continues to unfold, it is difficult to estimate the likely negative impact that it will have on Standard Bank’s financial performance.
“The group will continue to assess these impacts and will provide appropriate disclosures when sufficient certainty exists. The group remains well capitalised and liquid.”