FNB confirms measures to help customers impacted by COVID-19

FNB confirms measures to help customers impacted by COVID-19

Spokesperson: Jacques Celliers, FNB Chief Executive Officer

Monday, 30 March 2020 – In recent weeks, the South African Government, business community, philanthropists and society at large have shown remarkable unity in a joint effort to protect our country against the impact of COVID-19.

Working in unison with stakeholders, National Government made a prudent decision to invoke a 21-day national lockdown. As part of this decision, Government assured the country that essential banking services will remain available and this was reiterated by the Banking Association of South Africa (BASA).

As a financial services provider and corporate citizen with over 40 000 staff, thousands of suppliers and millions of customers, this is a responsibility we do not take for granted. Consequently, we have been working tirelessly to reconfigure operations where necessary to operate efficiently and to help customers, especially those whose financial position has been impacted by COVID-19.

Our aim is to ensure that all our customers can continue keeping their financial affairs in order through this difficult time and we believe that our ability to service customers through multiple market-leading digital channels has provided relative comfort to customers to continue managing their day-to-day-banking, investing, credit and insurance needs.

As we escalate our efforts to help customers, we are pleased to announce that from 1 April – 30 June 2020 we will implement measures to provide relief to individual and business customers whose financial stability has been impacted by COVID-19. Our interventions will assist customers who demonstrate sound banking behavior, such as having honoured their repayments to the bank on a consistent basis prior to COVID-19. 

For those customers that qualify, our COVID-19 interventions will be for all products with us, and 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 us via their usual digital and assisted banking channels to enquire about these services. During this week, customers will also be able to get more information on our current COVID-19 relief measures through a dedicated icon on the landing page of our banking App.

At the same time together with the Banking Association of South Africa (BASA) and the banking industry we are assessing potential financial solutions for those customers who do not qualify under the current criteria. We encourage all customers who can honour their financial obligations to continue servicing their repayments.

In addition to our efforts to help with financial relief, we have 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. 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 R100m. 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.

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. In April, individual and business customers on FNB Connect will also receive 1GB of free data to help them stay connected during the lockdown. We are also working with industry partners to ensure that customers can use any bank’s ATMs without paying additional fees over and above the fees charged by their bank.

Furthermore, we have opened an FNB bank account to facilitate financial contributions and call upon all our internal and external stakeholders to donate in support of the National Solidarity Fund. Stakeholders who would like to make donations can use the following account number FNB Account name: Solidarity Fund, Account number: 62848117447*.

The level of agility and efficiency that the industry has shown over this difficult period would not be possible without the leadership of BASA, Competition Authorities, SARB and National Treasury. We commend all partners on the joint effort to protect our country against the impact of COVID-19.

ENDS

NOTES TO EDITOR

FNB Solidarity Account

  • Donations to the FNB Solidarity Fund are via electronic funds transfer (EFT).  
  • No cash donations are permitted.
  • Reference Number for deposits should include: Id number or company registration number
  • Furthermore, donations will qualify for a Section 18A certificate for tax. Those who wish to request a certificate can email: [email protected]

For more information, contact:

FNB Corporate Affairs

[email protected]

Related Content

Cannon Asset Managers CEO on how to position your portfolio for a depression

In 2006, little known economics professor Nouriel Roubini warned that the US housing market was at risk of collapsing. Fast forward two years and it did, triggering the global financial crisis. Roubini, now known is Dr Doom is forecasting another economic depression, contradicting the consensus view the recovery from Covid-19 will be V-shaped. Dr Adrian Saville, CEO of Cannon Asset Managers joins CNBC Africa for more.

NSE looks to deepen sustainable finance market segments in West Africa

The Nigeria Stock Exchange in collaboration with the Milken Institute is set to host the inaugural edition of the Webinar Series on Sustainable Capital Markets Forum geared towards promoting Green Finance in West Africa. Jude Chiemeka, Head of Trading Business Division of the Nigerian Stock Exchange joins CNBC Africa for more.

COVID-19: Investing for Roubini’s Greater Depression

“The lessons learned from the GFC encouraged policymakers worldwide to work furiously to get economies back into shape through a series of fierce and co-ordinated policy responses to the impacts of Covid-19. In turn, this has encouraged a consensus view amongst economists that the recovery from the crisis will be V-shaped,” writes Cannon Asset Managers CE Adrian Saville.

COVID-19: Nigeria eyes resumption of domestic flights from June 21st

Nigeria’s aviation sector may resume domestic operations from the 21st of June this year according to the Presidential Task Force on COVID-19. Meanwhile, the Nigeria Civil Aviation Authority says only five airports will be operational when the restrictions are lifted. Gbenga Olowo, President of the Aviation Roundtable joins CNBC Africa for more.

Subscribe to our newsletter

Sign up for free newsletters and get more CNBC AFRICA delivered to your inbox

More from CNBC Africa

How COVID-19 is impacting education outcomes in the Commonwealth

The Commonwealth of Learning was created by the Commonwealth Heads of Government in 1987 to promote the development and sharing of open learning and distance education knowledge, resources and technologies. As the world grapples with the COVID-19 pandemic, we find out what this means for the future of education. Asha Kanwar, President & CEO, Commonwealth of Learning joins CNBC Africa’s Kenneth Igbomor for this discussion....

When a barrel of oil was cheaper than your coffee | CNBC International

Demand for oil has fallen to unprecedented levels, resulting in oil prices turning negative for the first time in history. From the price war between Saudi Arabia and Russia to the pandemic, CNBC’s Nessa Anwar explores what this might mean for the commodity in the long-term. ----- Subscribe to us on YouTube: http://cnb.cx/2wuoARM Subscribe to CNBC International TV on YouTube: https://cnb.cx/2NGytpz Like our Facebook page: https://www.facebook.com/cnbcinternational Follow us on Instagram: https://www.instagram.com/cnbcinternational/ Follow us on Twitter: https://twitter.com/CNBCi...

COVID-19: Reopening aviation in South Africa

South Africa’s aviation sector partially reopened from Covid-19 lock-down’s this week, with the resumption of domestic business travel being allowed to take off. To understand what steps have been taken to maximise passenger safety at the country’s airports we speak with Refentse Shinners, Group Executive of Corporate affairs at the Airports Company of South Africa.

What It’s Like To Be A Professional Amazon Reviewer

Sean Cannell makes tens of thousands of dollars a month as a professional Amazon reviewer. As part of the Amazon Affiliate program, Cannell reviews camera gear on his Think Media YouTube channel and makes a cut of every sale those reviews generates o

Partner Content

Sanlam Emerging Markets and its partners on the African continent invest over $12 million to fight COVID-19

As we go through this global pandemic together, it is the little things we miss. A high five, a handshake, a walk...

VIVO CEO is a dynamic leader for this innovative global brand

May 2020 -- Six months ago the vision for vivo in South Africa was just beginning to...

Trending Now

Renuka Methil in conversation with Ethiopia’s first female president, Sahle-Work Zewde

In this CNBC Africa Special, Forbes Africa Editor Renuka Methil, speaks to a leader who made history as the first female president of Ethiopia, one of Africa’s fastest-growing economies. President Sahle-Work Zewde is currently the only serving female head of state in Africa and in October, will complete two years in office....

Is there space for specialty items in post-Covid-19 Rwanda?

The Kigali Farmers and Artistans Market is a monthly event which brings over 250 independent vendors together to create a shopping opportunity for items such as handmade art, clothing and accessories; juices, natural cosmetics, artisanal food items, and fresh produce. By now the event should not only have expanded to Mombasa, but this month would've been their 3 year anniversary. Now with over 2 months out of commission, what have they done to survive? And will there be a market for what they offer when they return? Kigali Farmers and Artistans Market Founder, Florence Mwashimba joins CNBC Africa for more.

Nokanda becomes first locally made App to rank #1 on Google Play Store Rwanda

This week, Made in Rwanda cashless payment app, Nokanda, a product of software company, Hexacomb; rose to the number one spot on Google Play Store’s, “Top Free” category in Rwanda. The ranking, which often belongs to social media giants such as, WhatsApp and Facebook reflects a change in priorities for mobile users in the country. CNBC Africa spoke to Ernest Kayinamura, founder and CEO of the company for more.

Jack Ma Foundation on how the COVID-19 crisis is driving innovation in Africa

As soon as the first cases of COVID-19 were announced on the continent, The Jack Ma Foundation was one of the first responders in providing PPE aid support to all African countries. Jean Pau a Senior Advisor for International Programs at Jack Ma Foundation spoke to CNBC Africa's Armold Kwizera on the philanthropic decisions of the foundation.
- Advertisement -