Absa grants R5.8bn payment relief to customers affected by COVID-19

The bank said over 370,000 account holders had taken advantage of its payment relief program.

Picture: Supplied by Absa Group.

JOHANNESBURG - With some South African banks offering customers temporary re-payment relief amid the COVID-19 pandemic, Absa said on Monday it had been inundated with applications over the past month.

The bank said over 370,000 account holders had taken advantage of its payment relief program. It said this amounted to R5.8 billion in cash flow relief over three months for customers impacted by the pandemic.

According to the Banking Association of South Africa, the industry has already implemented more than R15 billion in temporary repayment help for individuals and businesses.

“Absa has also reviewed it’s credit life retrenchment product benefits to provide more comprehensive cover. Loss of income is now covered under a broader range of circumstances. Qualifying customers are also eligible for relief on premium payments for most of our life insurance policies for up to two months,” said Bongiwe Gangeni, Absa’s deputy chief executive officer for retail and business banking.

For official information about COVID-19 from the Department of Health, please click here.