Absa says it has granted relief to 376,000 accounts
Absa says that more than 376,000 account holders have taken advantage of its Payment Relief Programme across retail and business banking in South Africa.
This amounts to R5.8 billion in cash-flow relief (over three months) for customers who have been impacted by Covid-19, the lender said.
Given the extreme financial pressure experienced by South Africans, providing the most comprehensive payment relief package in the market was non-negotiable for Absa.
“While the bank is working intensely to engage as many financially stretched customers as possible, it is pleasing that we have, within a few weeks, managed to assist such a high volume of customers and clients,” Absa said.
The bank’s Payment Relief Programme is available to all customers in good standing, and there are no administrative fees, turnover limits or income thresholds.
Absa said it has also reviewed its credit life products’ retrenchment benefits to provide more comprehensive cover – loss of income is now covered under a broader range of circumstances.
Furthermore, as part of our relief measures, qualifying customers would also be eligible for up to two months premium payment relief on most life insurance policies, it said.
Read: Standard Bank says it has granted instalment relief to nearly 150,000 clients
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