Local News

Indo Zambia Bank cushions customers

By BUUMBA CHIMBULU
INDO Zambia Bank (IZB) has launched a relief package which will enable customers, particularly those in key economic sectors, defer their loan repayment for three months, as it waives all charges on its net banking facility.
The relief packages are meant to cushion the impact caused by COVID-19 on the economy and businesses.
“IZB is able provide relief in form of restructuring loans and giving repayment deferments for an initial period of three months,” said Bank’s Managing Director, Maheshkumar Bansal.
He explained that particular attention would be given to customers in sectors that were prioritised in the Seventh National Development Plan such as agriculture, manufacturing, energy and tourism with special focus on the Small and Medium Enterprises (SMEs).
Mr Bansal, however, said that other sectors would also be considered on a case to case basis.
“The bank’s initiative has been enabled by the Bank of Zambia Prudential Relief Measures in view of COVID-19.
“The Government can count on IZB to continue supporting economic activities along with its effort to stimulate the economy in these difficult times,” he said.
Mr Bansal said the repayment relief packages were also meant to support corporate, retail and individual customers whose businesses had been adversely affected by COVID-19.
He said the packages would be extended to individual customers in good standing with bank currently enjoying facilities such as mortgages and personal loans by providing relief on interests and repayment periods.
Mr Bansal said this would depend on the merits of their specific circumstances.
He also said IZB had waived all charges on the Indo Net banking facility and mobile banking platforms.
This, he explained, was meant to encourage customers to use safe, cashless and convenient digital platforms to conduct their banking needs.
“The bank is therefore calling on such customers to feel free to contact their respective branches across the country and present their respective cases for consideration,” Mr Bansal said.

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