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Banks ready to offer relief to compliant customers

By BUUMBA CHIMBULU
COMMERCIAL banks are agreeable to restructure loans and give repayment holidays to customers who have continued meeting their banking and financial obligations.
Bankers Association of Zambia (BAZ) Chairman, Herman Kasekende, said the industry was ready to support customers and preserve the safety of the financial sector, while operating within the relevant regulatory framework.
Mr Kasekende said clients in good standing but have experienced financial challenges due to COVID-19, should contact their respective banks.
He reminded bank clients in need of financial support to contact their respective banks for specific terms and conditions.
“Our focus of discussion between the Bank of Zambia and the BAZ in the past weeks has been to consider the industry’s response to theCOVID-19 pandemic,” Mr Kasekende said.
He said BAZ also welcomed the accommodative loan provisioning standards issued under Gazette notice No.287 of 2020, and the moratorium on the application of IFS 9 accounting standards to help protect businesses and households from financial shocks related to Covid-19.

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