Nedbank willing to restructure customer debt during COVID-19 outbreak

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At the weekend the presidency addressed the public in a press conference alongside business leaders from various industries. They spoke about allaying any fears during the current COVID-19 outbreak, as well as committing to help workers in the respective industries throughout this tough time.

Aiming to assist too is Nedbank, which issued a press release yesterday noting that it would help any of its customers and small businesses struggling with cashflow at the moment, specifically as it pertains to repaying loans or dealing with debt.

To that end, the financial institution has said that it will make a number of solutions available to clients in good standing who are being impacted by COVID-19.

“We undertake to work with our clients to help them through this period of enormous challenge for all South Africans. This undertaking to work alongside and support our clients with suitable individual solutions to cashflow challenges they may experience as a result of COVID-19 extends to any loan agreement they have with us,” Nedbank explained in a statement.

“This support could include deferring payments (or part thereof) for a suitable period, extending existing loan periods or extending additional credit to manage short term cashflow shortfalls,” it added.

Nedbank has urged customers to contact it on (+27) 086 055 5111, with small business clients asked to speak to their dedicated relationship banker if they need to restructure their debt or change their payment arrangements as a consequence of COVID-19.

“We continue to work with our clients, regulators, industry bodies and government to mitigate the impact of COVID-19 and will provide further guidance to clients on these matters as they evolve,” the financial institution concluded.

With many small businesses, restaurants in particular, suffering at this time as a result of COVID-19, we’re hoping more financial institutions look for ways to assist their customers during this time.

Robin-Leigh Chetty

Robin-Leigh Chetty

When he's not reviewing the latest smartphones, Robin-Leigh is writing about everything tech-related from IoT and smart cities, to 5G and cloud computing. He's also a keen photographer and dabbles in console games.