FNB fourth bank to offer payment holiday amid Covid-19 outbreak

FNB fourth bank to offer payment holiday amid Covid-19 outbreak

FNB is the fourth bank to announce its relief interventions for individuals and businesses that are financially impacted by Covid-19.

On Monday morning CEO Jacques Celliers announced that FNB will join Standard Bank, Nedbank and Absa from April 1 to June 30 in assisting customers who demonstrate sound banking behaviour, such as having honoured their repayments to the bank on a consistent basis prior to the epidemic.

The bank says its intervention amid Covid-19 for the next three months include:

  • 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.

The bank notes that interest and fees will continue to accumulate on outstanding balances.

Customers who have queries may contact the bank via its digital and assisted banking channels to enquire about these services.

“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,” Celliers says.

Celliers says together with the Banking Association of South Africa (Basa) and the banking industry, FNB is assessing potential financial solutions for those customers who do not qualify under the current criteria.

“We encourage all customers who can honour their financial obligations to continue servicing their repayments,” Celliers says.

Celliers says FNB is also prioritising early invoice settlements for suppliers across the FirstRand Group and over R1 billion has been processed in the last few days.

“We are committed to continuing expediting payments to local suppliers to help improve their financial stability."

FNB has also made a significant contribution to FirstRand’s SPIRE initiative announced today, contributing, alongside the FirstRand Foundations and RMB, to the group’s total anchor funding of R100 million,” Celliers says.

He says that through SPIRE FNB is also providing critical operational capacity including its payments and governance platforms, to help the healthcare system scale its response to Covid-19, with a particular focus on testing equipment, protective clothing and ventilators for hospitals.