NEW PACKAGE: ABSA Uganda customers to be offered payment holidays of up to 6 months to help mitigate effects of COVID-19
Kampala, Uganda | THE INDEPENDENT | As Uganda and the rest of the world confront the public health, financial and economic implications of the COVID-19 pandemic, Absa Bank Uganda is rolling out an extensive payment relief programme for eligible customers that have been directly or indirectly impacted.
Under the programme, customers in sectors that have been directly or indirectly affected by the disruption presented by COVID-19 will be offered payment relief to ease their financial burden, ABSA Uganda said in a statement.
“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,” said Mumba Kalifungwa, Managing Director of Absa Bank Uganda as he outlined the new plan for its customers.
“Currently, some of the sectors that have been adversely impacted include hotels and restaurants, tourism and hospitality, wholesale and retail trade, transport and logistics, among others. 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,” said Mumba Kalifungwa.
Customers will be offered payment holidays of up to 6 months, with needs being determined on a case-by-case basis and solutions tailored on individual circumstances; through proactive engagement with all concerned, ABSA said in their statement.
“Support for corporate and business banking clients will entail solutions based on their unique requirements and operations. Businesses and corporates are encouraged to contact their relationship managers for further details,” Kalifungwa added.
In the case of salaried customers, the bank will proactively engage with the employers through the Relationship Managers or directly to determine the support to be offered.
These measures will be implemented with immediate effect. Additionally, ABSA Uganda stated, eligible customers who are in need of relief can apply and qualify at no additional administration fees.
Kalifungwa said, “The unprecedented nature of the pandemic means that we are all adapting to the situation as it changes. We reiterate our commitment to our customers and to Uganda to ensure that our livelihoods are secure with minimal disruption. We will continue to monitor the situation closely and adjust our relief programme where necessary.”
He said that to allow benefits to reach more customers, Absa Bank Uganda encourages those who can fulfill their obligations to continue making payments.