Nedbank, FNB join Standard in offering to help the financially distressed

JOHANNESBURG – Nedbank and FNB yesterday joined Standard Bank in offering measures to alleviate the woes of financially distressed clients as Covid-19 cases continue to mount across South Africa, causing financial disruption.

Nedbank said that it would support its clients with suitable individual solutions to cash flow challenges they might experience as a result of Covid-19, which extended to any loan agreement they had with the bank.

It said the support could include deferring payments, or part thereof, for a suitable period, extending existing loan periods or extending additional credit to manage short-term cash flow shortfalls.

“Clients are encouraged to contact us on 0860555111 or small business clients can speak to their dedicated relationship banker if they need to restructure their debt or change their payment arrangements as a consequence of Covid-19, the lender said.

Yesterday, FNB, which is owned by FirstRand, reaffirmed its commitment to help small and medium enterprises’ (SMEs) individual customers whose financial position was adversely impacted by Covid-19.

The lender said it could assist the SMEs to stabilise cash flow and consumers who wanted to cover unexpected expenses.