Through the unprecedented tough times that KwaZulu- Natal (KZN) has faced in the past few months Absa has moved into a positive direction to ensure delivery of uninterrupted banking services to its customers.
Continuing with its work to provide support to communities across South Africa; following the unexpected devastating scenes of the unrest and violence in KZN, Absa has introduced a range of customised relief measures for customers who were impacted by the past disorders. One of these relief measures is a signed a memorandum of agreement between Absa and the KZN Provincial Government, securing a R500 million fund to support SMEs in KZN who receive a contract or purchase order from any of the local government departments. Access to finance is one of the biggest challenges that entrepreneurs face, and with this initiative, Absa seeks to assist businesses with capital to ensure that they are able to deliver on what they are contracted for.
Absa has also taken a step forward and is announcing a new branch in Ntuzuma at Midway Crossing Mall on the 23rd September.
“The announcement of the new branch opening is aimed at easing financial strains where people and businesses will have a physical branch to lean on when in financial need. This also makes it possible for us to invest in the area.” Says Rendani Muambadzi, Absa Regional Executive for Physical Channels in KZN.
The following relief measures have been introduced to assist customers and communities:
Reintroduction of payment relief: With immediate effect Absa is reintroducing the Siyasizana programme to provide a bespoke payment relief solution to assist retail customers (individuals) with existing credit facilities that have been impacted by the unrest.
Tailored credit/relief solutions for business bank customers: Absa will be offering dedicated, bespoke credit solutions for businesses (including SMEs), as they rebuild and restore operations. Solutions will be based on the unique circumstances and needs of each business.
Reduction of Saswitch fees: As part of an industry initiative, Absa will subsidise the fees charged when a customer uses a Saswitch ATM until 30 September 2021. Customers can use any ATM in South Africa and pay the usual fee charged by their own bank.
Absa-supported ATMs more affordable: In addition, cash withdrawal fees have also been reduced at Absa-supported ATMs (machines not owned by Absa). For the retail customers that make use of our transactional accounts, they can withdraw cash at Point-of-Sale (POS) terminals free of charge.
Bank-on-wheels: Our mobile ATMs have been deployed to the affected communities in parts of KZN to provide banking services and to alleviate pressure particularly for the pending SASSA payment period.
Assistance with POS terminals: Absa will waive POS monthly terminal rental fees for businesses that have been impacted by the recent unrest and will assist with a replacement if required.
Absa will continue to offer free online banking and digital cash-flow manager services with the Business Evolve account.
We also remind our retail customers that our transactional accounts include free retrenchment cover, whilst credit life policies on loan or credit facilities cover customers for loss of income.
To ensure that stand alone life insurance cover remains unaffected, we are offering an additional two months premium payment relief. In addition, all valid claims, including hospitalisation, disability or death, as a result of the recent unrest, will be paid.
Absa Insurance Company is assisting insurance customers with fast-tracking claims assessment, processing and fulfilment as per the SASRIA mandate (the state-owned insurer), for losses arising out of the unrest.
Absa aims to educate its customers and the communities about their new products and the benefits that they will gain from them to keep their livelihood and businesses afloat. As an Absa customer, you can also make a difference in communities impacted by the recent unrest by simply completing the new Absa Advantage challenge and donating your R50 reward to the Gift of the Givers Foundation. Download the latest version of the Absa Banking App to take part.