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.<\/p>\n
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.<\/p>\n
Given the extreme financial pressure experienced by South Africans, providing the most comprehensive payment relief package in the market was non-negotiable for Absa.<\/p>\n
“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.<\/p>\n
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.<\/p>\n
Absa said it has also reviewed its credit life products\u2019 retrenchment benefits to provide more comprehensive cover – loss of income is now covered under a broader range of circumstances.<\/p>\n
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.<\/p>\n