In light of the growing economic impact attributed to the outbreak of the Coronavirus (COVID-19), Stanbic Bank Tanzania has announced debt relief for its clients by providing them with a 3-6-months payment holiday.
The relief began in April for the tourism sector and has now expanded to the energy, transport and SME sector.
The initiative is part of the bank’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 recognizes the importance of its customers to continue to operate amid COVID-19. “We understand that due to measures taken by countries in the region and the rest of the world to combat the spread of Coronavirus, businesses in Tanzania have also been affected. 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.”
So far, the bank has provided relief to over 265 clients within their portfolio, with exposures over TZS 37 billion.
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 Ndadzungira.
“As a bank, we remain committed to making a positive impact in the communities we operate and support the government in addressing the economic impacts of the pandemic,’ said Ndadzungira.
Stanbic Bank Tanzania is part of the Standard Bank Group, Africa’s largest bank by assets.
The Bank provides a full spectrum of financial services. Its Corporate & Investment Banking (CIB) division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services.
Corporate & Investment Banking delivers this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.
Standard Bank’s corporate and investment banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.
Stanbic Bank Tanzania’s Personal and Business Banking unit (PBB) offers banking and other financial services to individuals and small-to-medium enterprises. PBB serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth.