Absa has unveiled a new raft of measures aimed at cushioning small businesses and individuals from the financial impact arising from the COVID-19 pandemic.
These include a pledge to settle all supplier invoices of less than KSh 1 million within a week and all those above this amount in a fortnight.
This should go a long way in helping these businesses maintain their cash flow and working capital and help them cope with the impact of COVID-19Absa in a statement sent to its customers.
Individual customers with active business and personal loans are encouraged to contact personal banking and relation managers for purposes of working out a new repayment plan.
“We will give you the option to either restructure your loan by reducing the monthly installments for a period of upto a year or take a short-term repayment holiday,” said ABSA to its customers.
Free Transactions and Cashbacks
The lender will also give a cashback of 0.3 per cent each time a customer transacts using a debit card, effective from 25th March 2020. The cashback will be credited to a customer’s current account, on a monthly basis.
Other freebies include waiver on all transfers between the bank account to mobile wallets, until 30th June 2020. A customer can deposit upto KSh 150,000 through paybill No 303030 at no charge.
Furthermore, there will be no transaction fees between Mpesa and the Bank’s virtual banking platform, Timiza, using paybill 300067.
Customers transferring large amounts of cash below KSh 1 million, using the PesaLink platform, will also not be charged by the bank. This is until April 30th, 2020.
Other goodies include free ATM cash deposits for amounts upto KSh 100,000 per transaction.
Moreover, the Bank has provided alcohol-based hand sanitizers across all its branches and ATMs, enhanced cleaning and sanitization of all shared spaces and is providing handwashing facilities outside some of its outlets.
Financially distressed customers are advised to contact ABSA’s communication department on 0722130120, 0732130120, 020 3900000 or write to [email protected].