Absa has announced a range of relief measures aimed at helping customers affected by the recent unrest in parts of KwaZulu-Natal and Gauteng.
In a statement on Monday (2 August), Bongiwe Gangeni, Deputy Chief Executive, Absa Retail and Business Bank, said the group has been assessing the unrest’s impact on both retail and business bank customers.
“The immediate need was to ensure that the closure of a branch or an ATM in an area did not equate to eliminating access to banking. We have been hard at work restoring branch and ATM operations that were impacted in parts of South Africa,” Gangeni said.
Absa relief measures
The 11 measures Absa announced range from payment relief to a reduction in Saswitch fees. They include:
Reintroduction of payment relief: Retail clients (individuals) with existing credit facilities that have been impacted by the unrest will benefit from payment relief solutions through the Siyasizana programme.
Tailored credit/relief solutions for business bank customers: The bank will offer “dedicated, bespoke credit solutions” for businesses (including SMEs), as they recover from the unrest.
Reduction of Saswitch fees for two months: As announced by the Banking Association of SA (BASA) last week, Absa has joined other banks to subsidise the fees charged when a customer uses a Saswitch ATM from 1 August 2021. This means that customers can use any ATM in South Africa and pay the usual fee charged by their own bank.
Absa-supported ATMs more affordable: The bank has also reduced cash withdrawal fees at Absa-supported ATMs (machines not owned by Absa). Retail customers that use Absa’s transactional accounts can withdraw cash at Point-of-Sale (POS) terminals free of charge.
Mobile ATMs: Absa has deployed mobile ATMs to the affected communities in parts of KwaZulu-Natal “to provide banking services and to alleviate pressure particularly for the pending SASSA payment period.”
Assistance with POS terminals: Absa will waive POS monthly terminal rental fees for businesses that have been impacted by the recent unrest and will assist with a replacement if required.
Other measures include:
- Free online banking and digital cash-flow manager services with the Business Evolve account.
- Retail customers using transactional accounts can get free retrenchment cover, while credit life policies on loan or credit facilities cover customers for loss of income.
- An additional two months premium payment relief for standalone life insurance cover. Absa will also pay all valid claims, including hospitalisation, disability or death, filed as a result of the recent unrest.
- Absa Insurance Company is assisting insurance customers with fast-tracking claims assessment, processing and fulfilment as per the SASRIA mandate (the state-owned insurer), for losses arising out of the unrest.
- Absa has committed R12.5 million to support relief, recovery and rebuilding efforts.
‘Strengthened resolve’
“Like many businesses in parts of the country, Absa was deeply impacted by this crisis,” Gangeni explained.
“In addition to the damage and loss experienced by many of our customers, approximately 21 branches, and more than 200 of our ATMs were damaged or vandalised – we have a first-hand appreciation of the disruption the recent looting has caused. This has strengthened our resolve to serving our loyal customers and ensuring that they have uninterrupted access to banking services.”