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ABSA OFFLOADS K630M RELIEF FUNDS

By BUUMBA CHIMBULU

ABOUT K630 million has been extended to customers by Absa Bank Zambia under the Covid-19 payment and relief packages between April and October, 2020.

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.

This is according to the Absa Bank Zambia Head of Marketing and Corporate Relations, Mato Shimabale.

Mr Shimabale explained in a response to a press query that the customers included Personal and Business customers in sectors covering Aviation, Transport, Manufacturing, Tourism and Agriculture.

“Absa Bank Zambia PLC also applied and received approval to extend targeted loans to eligible customers using the Bank of Zambia Targeted Medium Term Refinancing Facility.

“The Bank continues to assess customer credit requirements to ensure that they receive support in the prescribed parameters,” he said.

He said Absa Bank Zambia on April 14, this year was the first financial institution to announce that it was extending a comprehensive three months Retail, Business Banking and Corporate relief package to customers who were impacted by the Covid-19 pandemic.

Mr Shimabale said eligible customers in need of short-term liquidity were given a three-month payment relief, with possible extension upon further review, for a package allowing customers to reduce or defer their monthly instalments.

“Absa Bank Zambia PLC prides itself in being a forward-thinking organisation that provides relevant and innovative banking solutions to cater for its diverse customers’ needs.

 “In this regard, the Bank will continue to assess customer needs and respond accordingly while investing in future-proof banking products and services as part of its digitally-led strategy,” he said.

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