In response to the Covid-19 outbreak, WesBank has announced payment relief plans to assist its customers and partners who have been impacted by the pandemic.
WesBank provides a range of financial products to the retail and corporate market in South Africa, including vehicle and asset finance, full maintenance leasing and vehicle stock funding.
In response to the actions put into place by government to curb the pandemic, WesBank says it has implemented what it believes are “appropriate and ethical plans to responsibly navigate around the current situation and ensure service continuity for all our customers”.
WesBank says it will, from April 1 to June 30, implement measures to provide relief to individual and business customers whose financial stability has been impacted by Covid-19.
“Our interventions will assist customers who demonstrated sound banking behaviour, such as having honoured their repayments to the bank on a consistent basis prior to Covid-19.
“The type of relief and the implementation thereof will vary depending on the type of product each customer holds.
“Interest and fees will continue to accumulate on outstanding balances, but no fees will be charged for any relief granted. Customers who have been impacted are welcome to get into contact with us through their preferred channel to make the necessary arrangements.”
WesBank says it aims to ensure that customers across all product segments can continue to keep their financial affairs in order through this difficult time.
“We encourage all clients who are able to honour their financial obligations to continue servicing their repayments to maintain a positive credit history.”
WesBank adds that it has structured its operations to allow for necessary business continuity, with 95% of its employees provided with resources to enable them to work from home.
“In addition to our efforts to help with financial relief, in the last few days, WesBank, together with the FirstRand Group, has prioritised early invoice payments for our small and medium enterprise suppliers to the value of over R1-billion to ensure that they are able to maintain financial stability over this time.”