NEDBANK’S OVER E390M DEBT RELIEF

 MBABANE – Nedbank Swaziland has reportedly approved over E390 million in the debt relief requests in the past two months.

The country’s commercial banks had introduced the debt relief measures to cushion customers, including businesses, from the impact of COVID-19, which started to rear its ugly head in the country from March 14, 2020.
According to a correspondence from Nedbank, over E400 million worth of COVID-19 debt relief requests were received in the past two months, with approval rate at an astounding 98 per cent.

Granted

According to the reputable financial institution, more than E360 million was granted to clients in loan repayment holidays and restructures.
“We cut transaction fees to give free banking on the Nedbank Money App between the months of April and June 2020.
“We cut online banking subscriptions for retail customers between the months of April and June 2020,” reported Nedbank.

The bank further reported a 50 per cent slash in online banking subscription for  micro, small and medium enterprises (MSMEs) and corporate clients during the period under review.
“We zero-rated our digital banking fees for three months on the Nedbank Money App and online banking in April, May and June,” reads the correspondence in part.

Meanwhile, in the past month this publication reported that First National Bank Eswatini’s also granted millions of Emalangeni in direct loans and payment holidays to mitigate COVID-19 impact on the bank’s business and retail customers.
The gesture which is for the period April to June 2020 is said to have benefitted 817 customers.
Direct loans were recorded at E66.6 million during the period under review. At least E3.6 million benefitted small and medium enterprises (SME). Regarding the payment holidays, the SME sector dominated with E14.7 million.

Figures

 The business and retail sectors’ figures were at E14.5 million and E4.7 million, in that order.
According to a correspondence copied to this publication, at least 74 285 FNB customers saved over E1.5 million in discounts and waivers.

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