In response to the ongoing COVID-19 pandemic, WesBank has announced relief action for its customers and partners.
As the Covid-19 pandemic deepens in South Africa, relief measures are being explored and implemented to soften the blow for both consumers and businesses. WesBank provides financial services to the Retail and Corporate market in South Africa, including Vehicle and Asset Finance, Full Maintenance Leasing and Vehicle Stock Funding.
As such, the firm has now announced relief action for individuals and business customers whose financial stability has been compromised due to COVID-19 and this relief will come into effect from 1 April to 30 June 2020.
Customers and partners who have demonstrated sound banking behaviour and honoured their repayments consistently prior to the pandemic will benefit from the intervention.
WesBank says that the type of relief and the implementation thereof will depend on the type of product that the customer holds with the firm.
If relief is granted, no fees will be charged within the above period but interest and fees will still accumulate. Customers who have been impacted are requested to contact WesBank.
Furthermore, WesBank aims to ensure that clients are able to keep their financial affairs in order during this difficult period and the firm encourages clients to honour their financial obligations in an effort to maintain a positive credit history.
WesBank, together with FirsRand Group, has further provided financial relief for its SME suppliers by paying invoices of up to R1 billion early in an effort to ensure their financial stability during this time.
WesBank has also taken time to restructure its operations to operate effectively while reducing the spread of infection and as such, 95% of WesBank’s workforce have been equipped to work from home.