Absa launches COVID-19 payments relief programme

Absa, one of South Africa's leading financial institutions, has recently unveiled a comprehensive relief programme aimed at alleviating financial burdens on its customers during the ongoing COVID-19 pandemic. Bongiwe Gangeni, Deputy Chief Executive Officer for Retail & Business Bank at Absa, shared insights on the strategic considerations that influenced the timing of the announcement and the measures outlined in the relief programme. Absa's proactive approach comes at a crucial time for South Africa, as the country faces a 21-day lockdown and a recent downgrade to junk status by Moody's. The financial sector plays a critical role in supporting both individuals and businesses during these challenging times. Gangeni emphasized the importance of ensuring the sustainability and regulatory compliance of the relief measures before implementation. The carefully coordinated efforts across the industry have enabled Absa to introduce measures such as payment holidays, loan restructuring, and fee waivers to support its customers. Additionally, the bank has focused on enhancing digital platforms to promote safe and convenient banking practices amidst the shift towards online transactions. Absa remains committed to monitoring the situation closely and reassessing interventions as needed to provide continued support to its customers.