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FNB announces measures to help customers impacted by Covid-19

| Economic factors

FNB is aiming to ensure that all customers can continue keeping their financial affairs in order through the period of the lockdown.

"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," said Jacques Celliers, FNB Chief Executive Officer

 

From 1 April – 30 June 2020, FNB will implement measures to provide relief to individual and business customers whose financial stability has been impacted by Covid-19. The bank's 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, the COVID-19 interventions will be for all products with FNB, and they will be available for a period of three months, covering the following:

1. Instalment cashflow relief, during which part or no instalments/repayments will be due for a specific period

2. A preferential interest rate will apply to the COVID19 relief interventions given

3. No fees will be charged for any relief granted

4. Assistance with processing credit insurance claims, where possible

5. Individualised bridge facilities for those who need it.


Interest and fees will continue to accumulate on outstanding balances. Individuals and business customers can contact FNB 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 Covid-19 relief measures through a dedicated icon on the landing page of FNB banking app.

At the same time together with the Banking Association of South Africa (BASA) and the banking industry FNB is 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," said Celliers.

FNB has prioritised early invoice settlements for suppliers across the FirstRand Group and over R1 billion has been processed in the last few days. 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 R100 million. Through SPIRE, FNB is also providing critical operational capacity to help the healthcare system scale its response to Covid-19, with a particular focus on testing equipment, protective clothing and ventilators for hospitals.

Speedpoint device rentals will be waivered and a minimum fee will not be charged 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. FNB is 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.

According to Lee-Anne van Zyl, Chief Executive of FNB Points of Presence, FNB's banking services will continue to be available to customers during the 21 day national lockdown.

Over the course of the 21-day national lockdown, FNB's branches will be operating during the following hours:

Monday – Friday: 9h00 – 15h30

Saturday: 9h00 – 11h00

Sunday: Closed

BUSINESS REPORT ONLINE

 

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