STANBIC Bank Tanzania has provided debt payment holiday for its 265 clients with exposure of over 37bn/-to cushion Covid-19 impact on the economy.
The holiday for between three and six months, according to the statement issued on Wednesday, began last month for the tourism sector and now expanded to the energy, transport and SME sectors.
The initiative is part of the Stanbic’s continued effort to support its customers by empowering them with effective measures that will provide a cushion from the economic impact of the coronavirus outbreak.
Stanbic Bank Head of Personal and Business Banking, Brian Ndadzungira, said the bank recognised the importance of its customers to continue to operate amid Covid-19.
“The bank will alleviate some of the financial impacts facing our customers by putting in place measures that will offer relief during these challenging times. “This will not only assist our clients with managing their loan repayments but also enable them to honour payments to their staff and suppliers,” Mr Ndadzungira said via a statement.
So far, the bank has provided relief to 265 clients within their portfolio, with exposures over 37bn/-.
Additionally, the bank continues to provide financial advisory to its clients to ensure that they have an effective business continuity strategy.
“We are urging all customers who are facing financial difficulty resulting from Covid-19 to contact us immediately because together we can find a workable solution,” added Mr Ndadzungira.
Stanbic said they remain committed to making a positive impact in the communities we operate and support the government in addressing the economic impacts of the pandemic.
Stanbic is part of the Standard Bank Group, Africa’s largest bank by assets.
Stanbic joined two other banks CRDB and Standard Chartered in rescheduling loan repayment structure to offset impact of the pandemic that battered the world.