09 Apr 2020

First National Bank Botswana (FNBB) has provided a relief to customers and small medium enterprises (SMEs) impacted by COVID-19 pandemic.

The bank has been closely monitoring developments since the beginning of the COVID-19 outbreak with view of provisionally restructuring its operations and solutions to meet the changing demands and minimize the impact of the pandemic.

A press release from FNBB commends the government on its decision to invoke extreme social distancing (lockdown) for a minimum of 28 days.

FNBB believes that the decision is a major step in the right direction towards containing the spread on the COVID-19, and drastically minimizing its impact on society and economy.

“We would like to assure our customers that in addition to putting in place the necessary precautionary measures to ensure the health and safety of our customers, staff and vendors during this time, we continue to reinforce our capacity to provide uninterrupted essential banking services, which allow customers to do their everyday banking through our innovative digital channels and branches.” The release noted.

FNBB also said it believed that its responsibility is to help support the retail and commercial customers whose finances have been impacted during this challenging period.

They announced that the Cash flow relief intervention will be available to eligible customers with a good track record of honouring their payments prior to 1 March 2020.

The cash flow relief measures will be applied to both retail and commercial customers for a period of three months (from 07 April – 30 June 2020).

It will include installment relief for the retail customers: home loan, personal loan and WesBank loans; SME customers: commercial property finance, vehicle and asset finance and term loans for SME businesses with an annual turnover of up to P10 million and an initial loan amount not exceeding P5 million will benefit from the installment relief program.

“The Bank will zero rate some payments on its digital banking channels. As of 02 April, the following payments will be 100 per cent free until 30th April 2020: Payments made on the FNB App, Payments made on Mobile banking and Cash withdrawals made through Cash@Till, a service which allows customers to withdraw cash from their accounts at selected grocery stores who offer the service through FNB Point of Sale Machines.” The release noted.

For the months of May and June, FNB App payments, mobile payments and Cash@Till fees will be offered at a 25 per cent discount on the current fee. The bank hopes that these measures will help ease customers’ financial constraints until things stabilize.

FNBB says it remains committed to helping its wider commercial and corporate banking client base with a range of innovative cash flow relief solutions and urges its clients to contact their relationship managers in this regard.

For cash flow relief assistance and information, customers can make contact via the FNBB digital banking channels or contact centre; and commercial and corporate banking clients can contact their relationship managers.

FNBB says it remains committed to helping the nation address some of the prevalent economic difficulties during this time and beyond. ENDS