FNB CEO outlines measures to support businesses, customers hit hard by unrest

FNB CEO, Jacques Celliers, has revealed the bank's comprehensive relief measures aimed at supporting businesses and customers severely affected by the recent unrest in South Africa. With President Cyril Ramaphosa's call for unity and support for those hardest hit by the turmoil, FNB has taken proactive steps to provide financial assistance and aid in the reconstruction efforts. The bank has allocated approximately 48 billion for relief initiatives, addressing both individual and business customers in need. The aftermath of the riots following the lockdown under level four restrictions has left a significant impact on FNB's clientele. Celliers highlighted the challenges faced by customers, particularly in light of the economic downturn caused by the pandemic. From loss of income to disruption of livelihoods, the bank is committed to offering payment holidays, insurance assistance, and restructuring of loans to facilitate recovery for its customers. On the business front, FNB is extending support through payment holidays and loan restructuring to help establishments rebuild and restock their operations. The road to recovery is expected to be arduous, but the bank is dedicated to providing certainty and assistance in the rebuilding process. In collaboration with state insurance company, Sassria, FNB is streamlining the claims process to expedite payouts for small businesses. Although the assessment and submission of claims are ongoing, the bank is leveraging innovation and technology to accelerate credit decisions based on partial assessments. Celliers assured shareholders that the bank is well-equipped to handle the financial implications of the relief packages, drawing from past experiences during the pandemic to guide its approach. The bank's interventions are driven by a collective effort within the industry, responding to the calls for support from stakeholders and aligning with the president's initiative to rebuild and revive the economy. By waiving switch fees and enhancing distribution channels, FNB aims to ensure seamless access to financial resources for its customers in need. Looking ahead, Celliers emphasized the importance of promoting financial inclusion to empower communities and foster economic growth. Leveraging data and technology, the bank is working on enhancing credit accessibility and tailored financial solutions for underserved segments. By enabling better access to credit and transactional capabilities, FNB seeks to drive economic empowerment and facilitate a sustainable recovery for all stakeholders. Through a combination of support measures, innovation, and collaboration, FNB is committed to playing a pivotal role in the nation's journey towards financial stability and inclusive growth.