FNB announces coronavirus relief measures for customers

 ·30 Mar 2020

FNB has announced a wave of relief measures to help its customers navigate financial commitments as Covid-19 continues to impact the livelihood of many individuals across the country.

These measures will run from 1 April – 30 June 2020 and are aimed at providing relief to individual and business customers whose financial stability has been impacted by Covid-19, the group said.

“Our interventions will assist customers who demonstrate sound banking behavior, such as having honoured their repayments to the bank on a consistent basis prior to Covid-19,” the group said in a statement on Monday (30 March).

“Our aim is to ensure that all our customers can continue keeping their financial affairs in order through this difficult time and we believe that our ability to service customers through multiple market-leading digital channels has provided relative comfort to customers to continue managing their day-to-day-banking, investing, credit and insurance needs.”

For those customers that qualify, FNB said its Covid-19 interventions will be for all products and will be available for a period of three months, covering the following:

  • Instalment cashflow relief, during which part or no instalments/repayments will be due for a specific period;
  • A preferential interest rate will apply to the Covid-19 relief interventions given;
  • No fees will be charged for any relief granted;
  • Assistance with processing credit insurance claims, where possible;
  • Individualised bridge facilities for those who need it.

“Interest and fees will continue to accumulate on outstanding balances,” FNB said.

“Individuals and business customers can contact us via their usual digital and assisted banking channels to enquire about these services. During this week, customers will also be able to get more information on our current Covid-19 relief measures through a dedicated icon on the landing page of our banking app.”

FNB said it has also prioritised early invoice settlements for suppliers across the FirstRand Group, with over R1 billion processed in the last few days.

The group said it will also waiver Speedpoint device rentals and not charge a minimum fee for some merchants who are in good standing but operate in distressed industries.

“In April, individual and business customers on FNB Connect will also receive 1GB of free data to help them stay connected during the lockdown.

“We are also working with industry partners to ensure that customers can use any bank’s ATMs without paying additional fees over and above the fees charged by their bank,” it said.

Read: FirstRand to assist with Covid-19 test kits

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