FNB and WesBank have approved payment breaks on more than 500 000 credit agreements for nearly 150 000 individual and business customers since 1 April 2020.
Chief Executive of WesBank, Chris De Kock, “We have received a significant uptake from our customers on our Covid-19 payment relief options to dull the impact of the crisis. We have provided relief to customers impacting installments to the value of R951 million. Qualifying customers have either been granted moratorium and a contract extension or if they bank with FNB, a payment break through the bank’s Covid-19 application process, both options are available to a maximum period of three months. WesBank customers can apply online and we will continue to assist them as far as possible within the respective guidelines stipulated by key industry stakeholders like BASA and SARB.”
While FNB’s payment breaks are provided to individual customers across the bank’s full credit product range, the Bank has revealed that nearly 127 000 individual customers have been offered contracts on overdraft and credit card facilities, with contracts for relief on personal loan repayments at 83 000 and home loans in excess of 33 000.
In line with industry guidelines, FNB and WesBank continue to assist customers in good standing as at the end of February 2020, in particular those who cannot meet their credit agreement payments as a result of Covid-19. The entities continue to work with industry and Government to explore solutions for customers who may not qualify for relief under the current criteria.
Customers are encouraged to use digital channels to access most services, including assistance with Covid-19 relief.
