FNB CEO Jacques Celliers
Finance services provider FNB and its subsidiary WesBank have approved payment breaks on more than 500 000 credit agreements for nearly 150 000 individual and business customers since April 1.
The relief includes payment breaks and/or credit insurance assistance in excess of R4.3-billion to help customers whose finances have been affected by Covid-19-related measures.
FNB CEO Jacques Celliers says the company’s approach is to offer qualifying customers a payment break by paying instalments on their behalf for a period of three months.
As a result, FNB has structured its assistance at prime interest rates to alleviate the financial burden and give customers the flexibility to repay the facility over flexible terms. Similarly, the bank continues to scale its support for businesses to help them manage the immediate impact of the lockdown.
FNB will also support businesses beyond the lockdown through the Covid-19 Loan Scheme, which was recently announced by government.
While FNB’s payment breaks are provided to individual customers across the bank’s full credit product range, the bank revealed that nearly 127 000 individual customers have been offered contracts on overdraft and credit card facilities, with contracts for relief on personal loan repayments at 83 000 and home loans in excess of 33 000.
WesBank CEO Chris de Kock, meanwhile, comments that it has received a significant uptake from its customers on its Covid-19 payment relief options to dull the impact of the crisis.
“We have provided relief to customers impacting instalments to the value of R951-million.”
Qualifying customers have either been granted moratorium and a contract extension or if they bank with FNB, a payment break through the bank’s Covid-19 application process.
Both options are available to a maximum period of three months.
The entities are continuing work with industry and government to explore solutions for customers who may not qualify for relief under the current criteria.
Customers are encouraged to use digital channels to access most services, including assistance with Covid-19 relief.
FNB customers can also use the bank’s in-app messaging to request assistance with their day-to-day banking enquiries and WesBank customers can enquire through WesBank's website.