Covid-19: Absa offers up to six months loan repayment holiday to customers
As the country is being ravaged by the deadly Coronavirus pandemic, Absa Bank Uganda has rolled out an extensive repayment plan for customers with loans.
Under the plan, customers in sectors that have been directly or indirectly affected by the disruption presented by Covid-19 will be offered payment relief to ease their financial burden.
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“While we appreciate the measures put in place globally to curb the spread of this pandemic, we are also cognizant of the effects they have had on individuals and the business community. Customers will be offered payment holidays of up to six months, with needs being determined on a case-by-case basis and solutions tailored on individual circumstances; through proactive engagement with our customers,” said Mumba Kalifungwa, the Absa bank Managing Director .
He said that currently, some of the adversely impacted businesses include hotels, restaurants, tourism and hospitality sector, traders, and those dealing in logistics whom he said would greatly benefit from the program.
“In light of this, we are therefore aware that some of our customers will experience difficulty meeting their financial obligations and we have introduced a comprehensive customer, business and corporate relief program to help them navigate this difficult time,” he said.
“Support for corporate and business banking clients will entail solutions based on their unique requirements and operations. Businesses and corporates are encouraged to contact their relationship managers for further details.
In case of salaries customers, the Absa bank Managing Director said they will engage with the employers through the relationship managers or directly to determine the support to be offered.
He noted that the new program will be implemented with immediate effect and all eligible customers in need of relief will apply and qualify at no extra cost.
