STD BANK OFFERS E350M COVID-19 CREDIT RELIEF

MBABANE – Standard Bank offered credit relief measures of up E350 million to cushion 1 500 emaSwati from the impact of COVID-19.

It has joined a growing list of the country’s commercial banks that have introduced 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.

Recently, this publication reported that Nedbank Swaziland approved over E390 million in the debt relief requests in the period April to June 2020.

Nedbank received over E400 million worth of COVID-19 debt relief requests during the period under review, with approval rate at an astounding 98 per cent. According to Nedbank, 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 also granted millions of Emalangeni in direct loans and payment holidays to mitigate COVID-19 impact on the bank’s business and retail customers.

Benefitted

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. 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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