Stanbic Bank Botswana offers SMEs financial relief through Payment Holiday

In light of the growing uncertainty following the outbreak of the Coronavirus (COVID-19), Stanbic Bank Botswana has announced that it will offer relief to its Small Medium Enterprise (SME) banking clients by providing them with a three-month payment holiday, effective April 2020. The relief will be applicable to small and medium businesses.

The above is part of the Bank’s continued effort to be a true partner to its customers by providing them with preventative measures that will help to shield them from the economic impact of the Coronavirus (COVID-19) outbreak.

Said Stanbic Bank Botswana Chief Executive, Samuel Minta, “As a Bank, we recognise the negative economic impact that may arise as the COVID-19 pandemic ensues. We therefore made a conscious decision to alleviate some of the impact for our customers by putting in place measures that will offer relief during these trying times. This will not only assist our small business clients with managing their loan repayments but also enable them to honour payments to their staff and suppliers.”

The move by Stanbic Bank comes as part of their promise to drive Botswana’s growth. The cover from the Bank will provide the following features:

Loan installment repayment holiday for a period of 3 months starting April 2020.

• This will be offered to clients whose loan facilities are in order(Terms and Conditions Apply)

• Client’s loan tenor will be extended by 3 months to maintain the instalment after the repayment holiday.

• Client pricing remains unchanged, not to be charged penalty interest during the repayment holiday period.

• The Bank requests clients to avail insurance premium where applicable to ensure the facility and asset continue being covered.

• To maintain social distancing and avoid unnecessary branch visits, customers will be contacted directly, for enquiries kindly send an e-mail to [email protected], and Bankers will respond as soon as possible.

Supporting the statement made by the Bank’s Chief Executive, Stanbic Bank Botswana Head of Personal and Business Banking, Mr. Chiko Manokore said, “As a Bank, we remain committed to making a positive impact in the communities we serve by providing relief to small business owners during these uncertain times. Over the past few weeks we have engaged various stakeholders to provide further guidance on how the bank can play its part as a financial partner to combat the economic impacts of the pandemic.”