As Zambia confront the public health, financial and economic implications of the COVID-19 pandemic, Absa Bank Zambia has announced an opt-in loan relief package for eligible customers impacted by COVID-19.
Absa Bank Zambia Managing Director Mizinga Melu said in a statement made available to the Zambian Business Times – ZBT on April 14, 2020 that following thoughtful consideration and engagements with regulators, the Bankers Association of Zambia and Absa Group Limited, the Bank is proceeding to extend a comprehensive Retail, Business Banking and Corporate relief package effective Wednesday, 15 April 2020.
“We recognise that the financial wellbeing of some of our individual customers and businesses may have been adversely affected during this time. This package which includes a three-month payment relief among other payment relief solutions is one way of helping bring possibilities to life for our customers. We however urge those of our customers who are able to continue meeting their debt service obligations to continue with repayments to allow us to reach out to many more clients who are not in a similar position,” said Mizinga Melu.
She added that eligible customers in need of short-term liquidity will qualify for the relief package that applies to Absa’s credit products.
Melu said these relief measures apply to Absa Zambia’s Business Banking, Premier, Prestige and Personal Banking Retail customers adding that the package incorporates a three-month payment relief and allows customers to reduce or defer their monthly instalments.
The package is further said to not attract additional administration fees for customers and support will entail solutions based on their unique requirements and operations.
Absa Bank Zambia is since committed to helping customers during this period of anxiety and hardship. While this relief package is for an initial three month period, the Bank will review its program should macroeconomic conditions deteriorate
further.
Melu added that in implementing this package, Absa Bank Zambia will comply with applicable laws and regulations in Zambia whilst remaining committed to delivering banking solutions that are tailored for it’s diverse customer base.
