Absa Bank Zambia PLC announces COVID-19 loan payment relief options for customers

PRESS RELEASE

For Immediate Release Tuesday, 14 April 2020 (With pictures of Mizinga Melu attached)

Headline: Absa Bank Zambia PLC announces COVID-19 loan payment relief options for customers

What you need to know about the Absa Bank Zambia PLC loan repayment relief package:
• Relief available to Personal, Prestige, Premier, Business Banking and Corporate Banking customers
• Tailored solutions for Corporate and Business Banking clients • Additional administration fees to restructure facilities waived
• Three month payment relief on loan facilities
• Customers who are able to, are encouraged to continue with original payment plan
• Payment relief options are valid to all Absa clients in line with applicable local legislation, regulations and conditions

Mizinga Melu

Lusaka – As Zambia and the world confront the public health, financial and economic implications of the COVID-19 pandemic, Absa Bank Zambia PLC are pleased to announce an opt-in loan relief package for eligible customers impacted by COVID-19.

Absa Bank Zambia PLC Managing Director, Mizinga Melu stated, “Following thoughtful consideration and engagements with regulators, the Bankers Association of Zambia and Absa Group Limited, the Bank is proceeding to extend a comprehensive Retail, Business Banking and Corporate relief package effective Wednesday, 15 April 2020.”

“We recognise that the financial wellbeing of some of our individual customers and businesses may have been adversely affected during this time. This package which includes a three-month payment relief among other payment relief solutions is one way of helping bring possibilities to life for our customers. We however urge those of our customers who are able to continue meeting their debt service obligations to continue with repayments to allow us to reach out to many more clients who are not in a similar position,” said Mizinga Melu.

Eligible customers in need of short-term liquidity will qualify for the relief package that applies to Absa’s credit products.
These relief measures apply to Absa Zambia’s Business Banking, Premier, Prestige and Personal Banking Retail customers. The package incorporates a three-month payment relief and allows customers to reduce or defer their monthly instalments. Customers in good standing (with up-to-date accounts) and who have been financially impacted by the pandemic will have the opportunity to opt-in for payment relief, aimed at assisting with cash flow needs. The package will not attract additional administration fees for customers and support will entail solutions based on their unique requirements and operations. For Corporate Banking clients, requests will be reviewed on a case-by-case basis. Businesses and corporates are encouraged to contact their Relationship Managers for further details.

Relevant agreements will be adjusted, by revising loan repayment period and adding interest to the outstanding balance (capitalising interest) during the relief period. This entails that the tenure of the loan may be extended by the same period for which the payment relief has been offered.

“Absa Bank Zambia PLC is committed to helping customers during this period of anxiety and hardship. While this relief package is for an initial three month period, the Bank will review its program should macroeconomic conditions deteriorate further,” Mizinga Melu added.

In implementing this package, Absa Bank Zambia PLC will comply with applicable laws and regulations in Zambia whilst remaining committed to delivering banking solutions that are tailored for its diverse customer base.

#StaySafe
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For further details, contact:

Banji Lufungulo
Marketing and Communications Manager
Absa Bank Zambia PLC Elunda Office Park
P.O. Box 31936
Lusaka

Telephone +260 (211) 366 150
Email: Banji.Lufungulo@absa.africa

About Absa Bank Zambia PLC

Absa Bank Zambia PLC is part of Absa Group Limited, an African financial services group that aims to be the pride of the continent. Formerly known as Barclays Bank Zambia PLC, the Bank has operated in Zambia for over 100 years. The Bank rebranded to Absa on 10 February 2020. Absa is a truly African brand, inspired by the people we serve and determined to always be brave, passionate and ready so that we can make our continent proud. For more about Absa Bank Zambia PLC, its products and services, visit www.absa.co.zm, call +260 211 226 430 or email Customerservice.zm@absa.africa

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