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FNB comes to the party with COVID-19 relief interventions

These measures are aimed at individual and business customers whose financial stability has been impacted by the virus.

Picture: EWN

CAPE TOWN - First National Bank is the latest financial institution to offer its customers some relief amid the coronavirus pandemic.

These measures are aimed at individual and business customers whose financial stability has been impacted by the virus.

FNB CEO Jacques Celliers said that those who had proved to have had sound banking behaviour would be eligible for these interventions.

"Instalment cashflow relief, during which part or no instalments/repayments will be due for a specific period. A preferential interest rate will apply to the COVID-19 relief interventions given and 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."

Meanwhile, interest and fees will continue to accumulate on outstanding balances.

Last week, Standard Bank announced a temporary payment holiday for its student and small business loan clients.

To track the latest developments around the coronavirus both in South Africa and abroad, click on this live status report from Strategix.