1.64m South Africans have taken payment holidays

According to a recent article by MyBroadband, a large number of South Africans have asked their banks for payment holidays and cash flow relief during the Covid-19 pandemic.

• Absa has seen almost 570 000 account holders benefit from relief
• This amounts to R7.8-billion cash flow relief
• Nedbank has assisted more than 225 000 clients, out of a total credit active client base of approximately 2.5-million
• Standard Bank granted instalment relief to nearly 150 000 clients in the wake of the national lockdown
• This amounts to over R1-billion in instalment relief per month
• FNB said it has offered almost R6 billion in relief to customers since 1 April 2020
• Nearly 700 000 account holders benefited from relief
• A total of 1.64-million South Africans have received payment holidays