Nedbank commits to assist clients with cashflow challenges due to COVID-19

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In the wake of the global COVID-19 pandemic, Nedbank has joined rival Standard Bank of South Africa by undertaking to assist its clients, including small businesses, by extending loan payments or credit.

The South Africa-based lender did not state the terms of the offer.

Instead, the bank said it would support its clients “with suitable individual solutions” to cash-flow challenges they may experience as a result of COVID-19.

“Nedbank understands that we have a responsibility to do all we can to play our part in reducing the impact of COVID-19 on our customers, our economy and our country,” the company said in a statement. “We are committed to supporting our clients during this time of uncertainty and have a number of solutions available to assist clients in good standing who are impacted by this pandemic.”

According to Nedbank, it has undertaken to work with its clients to help them through this period of enormous challenge for all South Africans. This undertaking to work alongside and support 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 bank, it added. “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, Nedbank stated.

Clients are encouraged to contact the bank on 0860555111 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 bank pointed out.

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