STANDARD BANK PROVIDES RELIEF TO CLIENTS IMPACTED BY COVID19

30 Mar 2020

Over the past two weeks, many businesses have experienced a slowdown in demand for their services due to the world wide and local outbreak of Covid-19 and we have no doubt that this has been extremely disruptive.

We are committed to driving the growth of our home, Namibia, and it is with this purpose in mind that we performed an assessment of the impact of the COVID-19 outbreak on the Namibian economy, businesses and the general public. Following this assessment, we believe it is imperative that we offer relief to our clients impacted by COVID-19 with respect to their loan facilities with us. 

The tourism sector and the game hunting sector experienced an immediate impact in the past three weeks and we are extending a capital and interest repayment holiday for up to 12 months to clients operating in this sector. Our engagements with the Tourism Association points to a potential recovery in this sector only over the next 9 to 12 months, provided the spread of the virus is contained. 

We are extending a further relief in the form of capital and interest repayment holidays for up to six months until 30 September 2020 to all our Small and Medium Enterprise clients with an annual turnover of less than N$10 million, regardless of the sector in which they operate. This will enable our clients to utilise their cash reserves to pay much needed wages and necessary expenditure during the lockdown period.

We value and encourage the education of our youth. Therefore, all student loans will attract 0% interest for a period of 3 months ending 30 June 2020 to assist the parents and guardians who are dealing with the additional pressure of unplanned travel and repatriation costs and the unplanned cost of accommodating these students at home. We will review this arrangement at the end of June 2020 based on the circumstances prevailing at the time.

We ask our clients in the above-mentioned categories to urgently contact their relationship managers by email or telephone to confirm their individual arrangements.

Our other clients not in the above categories who believe that their businesses and / or income have been impacted by COVID-19 and have historically conducted their banking relationship responsibly can contact their relationship manager or our customer care centre where their request will be assessed on a case-by-case basis.

We strongly urge our clients to continue to meet their financial obligations wherever possible.

“We remain rock-solid to weather this crisis and, with your support and understanding, we will emerge in a strong position to move your business and lives forward” assured Mungunda.

IMPORTANT NOTICE:

Clients in the above-mentioned categories should urgently contact the bank through the email and telephone details given below to confirm their individual arrangements.

• SME clients should contact Enterprise Direct by email to [email protected] or call contact number: 0819251

• Business Banking clients should call their Relationship Managers

• Student Loans terms will be adjusted accordingly and there is therefore no need for students or their parents/guardians to call the bank, this will be automated

 


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