Debt relief pack for Stanbic clients announced

BUUMBA CHIMBULU writes @SunZambian STANBIC Bank Zambia has put in place a debt relief package for its customers meant to provide then with financial assistance during the COVID-19 period. Bank Chief Executive, Leina Gabaraane said the offer was for customers that had been adversely affected financially by the COVID-19 outbreak. Mr Gabaraane said the debt relief would be provided to both Personal and Business Banking clients that meet the Bank qualifying credit parameters. “We understand that the COVID-19 pandemic has negatively impacted your personal and business finances in the short-term and will likely slow down longer term sustainability,” he said in a statement. He said the Bank hoped that it could contribute to its customers’ wellness but also to a faster recovery of the economy by offering such packages. He explained that the Bank would consider small and medium-sized enterprises with existing borrowing facilities; and commercial and corporate clients with existing borrowing facilities. Mr Gabaraane further said individuals with existing borrowing facilities acquired directly through the bank or through a scheme arrangement made with the bank and their employers would also be considered. “As a result of this, we are urging all customers who find themselves in a financial difficulty resulting from COVID-19 to contact us immediately because together we can find a solution that works. “Your financial wellbeing is very important to us and we are committed to supporting you through this uncertain time. If you are struggling to repay your debt with us or to meet your financial obligations, please contact us for assistance and we will do all we can to help you,” he said. Mr Gabaraane stressed that the Bank was aware of the financial constraints that some of its clients had been put under as a result of the COVID-19 pandemic.