Absa’s payment relief leads with over 376 000 accounts, R5.8bn in cash-flow relief over three months

4 May 2020

Since the launch of Absa’s Payment Relief Programme on 30 March 2020, more than 376 000 accountholders have taken advantage of payment relief across Retail and Business Banking South Africa.

This amounts to R5.8bn in cash-flow relief (over three months) for customers who have been impacted by COVID-19. 

Given the extreme financial pressure experienced by South Africans, providing the most comprehensive payment relief package in the market was non-negotiable for Absa. While the bank is working intensely to engage as many financially stretched customers as possible, it is pleasing that we have, within a few weeks, managed to assist such a high volume of customers and clients.

The overwhelming success of the Payment Relief Programme is largely down to its simplicity and comprehensive nature.

It is available to all customers in good standing, and there are no administrative fees, turnover limits or income thresholds. Opting-in is seamless and can easily be completed by responding directly to Absa’s customer correspondence in this regard, or by conveniently applying online. Absa has also reviewed its credit life products’ retrenchment benefits to provide more comprehensive cover - loss of income is now covered under a broader range of circumstances. Furthermore, as part of our relief measures, qualifying customers would also be eligible for up to two months premium payment relief on most life insurance policies. 

While customer uptake is expected to rise, the programme is part of a broader range of support actions.

Absa has placed greater emphasis on understanding the rapidly evolving needs of our customers at this unique juncture. We have amplified customer feedback, insights and trends analysis to position the bank to respond to ever-changing customer needs, instantly. This intelligence has already been the catalyst for upcoming developments, which will augment our existing relief measures.

Ultimately, the programme’s strong uptake, and indeed the bank’s wide-ranging and upcoming initiatives are testament to our commitment to finding genuine, customer-orientated solutions, in a time of great anxiety.

Issued by Asha Speckman on behalf of Absa Group, 4 May 2020