Following the Covid-19 pandemic that has ravaged the entire world, Absa Bank Uganda has introduced a loan repayment holiday to its clients.
Absa Bank Managing Director (MD), Mr Kenneth Mumba Kalifungwa, announces that the plan is for clients in sectors that have been directly or indirectly affected by Covid-19.
The clients will be offered a payment relief of up to six months to ease their financial burden due to the pandemic.
“While we appreciate the measures put in place globally to curb the spread of this pandemic, we are also cognizant of the effects they have had on individuals and the business community. Customers will be offered payment holidays of up to six months with needs being determined on a case-by-case basis and solutions tailored with our customers,” he said.
Mr Kalifungwa said businesses that have been most affected by the pandemic include hotels, restaurants, tourism and hospitality sector, traders and dealers in logistics. These will be the beneficiaries of the programme.
“In light of this, we are therefore, aware that some of our customers will experience difficulty meeting their financial obligations and we have introduced a comprehensive customer, business and corporate relief programme to help them navigate this difficult time,” he added.
The MD continued that this will be done in line with the beneficiaries’ requirements and operations.
“Support for corporate and business banking clients will entail solutions based on their unique requirements and operations. Businesses and corporate are encouraged to contact their relationship managers for further details.”
The banker said in circumstances where salaried clients borrowed money from Absa Bank, the financial institution will engage employers through relationship managers or directly determine the support to be offered.
Mr Kalifungwa said that this programme will be rolled out soon, thus, asking all eligible clients in need of this relief to apply and qualify without any extra cost.