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Standard Bank grants over R1 billion instalment relief to 150 000 clients

Standard Bank South Africa revealed on Tuesday that it had granted relief to nearly 150 000 clients in need of financial support in the wake of the national lockdown amounting to more than R1 billion in instalment relief per month on the R44bn of total loans affected.

The lender said in a statement that this was a reinforcement of what Standard Bank had already committed to assisting small, micro- and medium-sized enterprises.

Standard Bank said as one of the largest business lenders in South Africa it welcomed the announcement of the Covid-19 Term Loan Scheme for SMMEs by President Cyril Ramaphosa. “The R200bn scheme brings much needed and welcome relief to businesses that have been adversely affected by the Covid-19.”

Funeka Montjane, country executive of Personal and Business Banking South Africa said the bank would continue to support our business banking clients.

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