Absa Bank Zambia says it has accessed a K100 million from the Targeted Medium-Term Refinancing Facility announced by the Bank of Zambia.
Speaking at a media briefing Bank Executive Director Mizinga Melu said the funds will be disbursed to its clients after analyzing their cash flow structures.
Ms Melu also explained that the bank has so far disbursed a total of K450 million Kwacha to 300 clients under the Banks Covid-19 relief package.
She added that clients that have benefited from the package will not pay interests and capital for three months due to a payment holiday that the bank has provided the clients.
“What this means is that all customers who have tapped into the K450 million will not pay interest, will not pay capital for 3 months because they have a payment holiday,” She said.
Ms Melu said the payment holiday is important because it will give clients enough money to enhance their businesses.
Ms Melu further announced that the Bank’s Nakonde Branch has been closed as a precautionary measure to the reported increase in Covid-19 cases in the area.
She clarified that none of its staff members have been infected by the disease and the bank will only resume operations once the ministry of health clarifies it fit.
“However they are other areas where we continue to be impacted, Nakonde branch is one that we have temporally closed just because of what is happening in Nakonde,” Ms Melu explained.
“We have felt prudent for us to close it temporally while we are waiting on the ministry of Health to just come into our branch and declare them fit to operate.