Johannesburg – Banking Association of South Africa members have so far extended coronavirus debt relief of over R11.5 billion to individuals and R9 billion to commercial and small and medium enterprises, the association said on Sunday
During the same period, Basa members provided additional cash-flow relief, including payment breaks, to commercial and small and medium enterprises worth R1.7 billion. Cash-flow relief for eligible businesses and individuals was an important part of keeping the economy functioning and preserving companies and jobs during the pandemic and national lockdown, Basa said.
Banks were communicating with their customers that had credit life insurance and were helping them to initiate a claim where the policy was linked to the bank’s credit agreement. In many cases, this was the most viable remedy for customers with this cover. * The relief measures also applied to Shariah compliant financial services and products. Customers who were uncertain as to what relief was available for Shariah-compliant products, were urged to contact their bank.