BAN explains payment relief

30 March 2020 | Banking

The Bankers Association of Namibia (BAN) has provided further clarity to customers on the case-by-case funding relief which is handled according to each bank’s respective rules.
It is important for clients to note that monthly payments will not be waived altogether but will be shifted for a limited period of time,” says BAN chairperson Sarel van Zyl.
While all commercial banks in Namibia are willing to provide relief, customers and companies still need to be in good standing and comply with other relevant financial terms.
“As with any loan, each bank has its set rules and regulations and customers who have been negatively impacted by the Covid-19 pandemic and therefore require a loan or payment relief as a result, should approach their respective bank to work out the terms and find a solution that is beneficial to all,” Van Zyl says.
He adds that ideally people who are not impacted financially by the pandemic, should continue paying their debt and avoid incurring extra debt as this might lead to a more compromised situation afterwards.
“If at all possible while still receiving your full salary or other income, continue to pay your home loan and car loan and any other debt to avoid the accumulation of debt, thereby aiming to save where possible.”
Regarding businesses that are currently closed and not receiving an income, Van Zyl advises that they should contact their respective banks and consult with them about specific solutions available going forward.
“Banks are evaluating case-by-case applications where we can be of assistance.”
Van Zyl reiterated that BAN member banks will remain open to accommodate critical services such as deposits, withdrawals and transfers. Branches, ATMs and all other electronic transactions will remain available.
“Customers are encouraged to make use of the numerous electronic service channels available from all commercial banks to avoid the long queues in branches and at ATMs and reduce the use of cash as far as possible to help stop the spread of COVID-19.”

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