As it escalates its efforts to help customers, FNB announced on Monday that from 1 April – 30 June 2020 it will implement measures to provide relief to individual and business customers whose financial stability has been impacted by COVID-19.
Jacques Celliers, FNB Chief Executive Officer, said the banks interventions will assist customers who demonstrate sound banking behaviour, such as having honoured their repayments to the bank on a consistent basis prior to COVID-19.
For those customers that qualify, FNB said its COVID-19 interventions will be for all products.
They will be available for a period of three months, covering the following:
- 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 COVID19 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.
Interest and fees will continue to accumulate on outstanding balances.
Individuals and business customers can contact FNB via digital and assisted banking channels to enquire about these services.
“We will waiver Speedpoint device rentals and not charge a minimum fee for some merchants who are in good standing but operate in distressed industries,” said Celliers.
During this week, customers will also be able to get more information on current COVID-19 relief measures through a dedicated icon on the landing page of the FNB banking App.
In addition to its efforts to help with financial relief, FNB said it has prioritised 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 continue expediting payments to local suppliers to help improve their financial stability,” Celliers said.
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. Through SPIRE, FNB is also providing critical operational capacity (including its payments and governance platforms) to help the healthcare system scale its response to COVID19, with a particular focus on testing equipment, protective clothing and ventilators for hospitals.