In response to damage caused by the Covid-19 virus, First National Bank Botswana (FNBB) has announced a cashflow relief for its eligible customers with a good track record of honouring heir repayments.
The relief, the bank said, is available to both retail and commercial customers for a period of three months, from April to June.
In retail, the relief applies to home loans, personal loans and WesBank loans while for the SME customers the relief applies to commercial property finance, vehicle and asset finance and term loans.
SME businesses with an annual turnover up to P10 million and an initial loan amount not exceeding P5 million will benefit from this relief program.
In addition to loan repayment holidays, the bank has in some instances introduced zero rate on some payments on digital banking channels and some of the payments that will be done for free until end of April are payments made on Mobile banking app; payments made on mobile banking; and cash withdrawal made through Cash@Till.
For the months of may and June, the bank says FNBB App payments, mobile payments and cash@Till will be offered at a 25 percent discount on the current fee and the bank hopes these measures will help ease customers’ financial constraints until things stabilise.