Absa Bank Zambia says it will continue to assessing customer credit requirements to ensure that they receive support in the prescribed parameters.
Responding to a Press query, Bank Head of Marketing and Corporate Relations Mato Shimabale said the bank will also continue assessing customer needs and respond accordingly while investing in future-proof banking products and services as part of its digitally-led strategy.
Mr. Shimabale explained that to help cushion Covid-19 effects among its customers, the financial institution applied and received approval to extend targeted loans to eligible customers using the Bank of Zambia Targeted Medium Term Refinancing Facility.
“On 14 April 2020, Absa Bank Zambia PLC was the first financial institution in Zambia to announce that it was extending a comprehensive 3-months Retail, Business Banking and Corporate relief package to eligible customers who were impacted by the COVID-19 pandemic.”
“From the time of inception to 31 October 2020 when the COVID-19 payment relief package was closed off, Absa Bank Zambia PLC was able to extend about K630 million to over 370 customers. These customers included Personal and Business customers in sectors covering Aviation, Transport, Manufacturing, Tourism and Agriculture,” Mr. Shimabale disclosed.
Mr. Shimabale said eligible customers in need of short-term liquidity were given a 3-months payment relief, with possible extension upon further review, for a package allowing customers to reduce or defer their monthly installments.
“Absa Bank Zambia PLC prides itself in being a forward-thinking organization that provides relevant and innovative banking solutions to cater for its diverse customers’ needs,” he added.