Information about Covid-19 coronavirus

Financial sector looking to ensure banks are able to deal with COVID-19

The financial sector is looking to ensure that the banking industry is able to handle any issues that might come up as a result of the coronavirus outbreak.

Joanne Joseph spoke to Banking Association of South Africa managing director Cas Coovadia to find out more.

We are talking to the competition authorities to give us some sort of sanction to actually discuss these issues and then we will bring the industry together at a higher level to see what decisions we can take at an industry level.

Cas Coovadia, Managing director - Banking Association of South Africa

We are conscious of the fact that banks pay a critical role, we are conscious of the fact that bank customers will be going through significant strain in the next few months and so within that context we will come together to see what will banks play in helping people alleviate some of the pressure they are under without putting the system and banking industry at risk.

Cas Coovadia, Managing director - Banking Association of South Africa

We have already been in touch with the competition authorities, they are looking at this.

Cas Coovadia, Managing director - Banking Association of South Africa

He says the possibility that customers will have trouble paying back their debt if they are not paid salaries during this time will be considered.

There are also discussions around other operational issues.

In the event of branch closure, if we get to that stage, how do we do that, share information of that?

Cas Coovadia, Managing director - Banking Association of South Africa

Coovadia says there is no need for panic at this time.

Click on the link below to hear more...


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