Standard Bank on Sunday announced a 3-month payment holiday for small business owners in South Africa amid the coronavirus pandemic.
The bank says it will offer payment relief as a preventative measure to shield small business owners from the economic impact of the COVID-19 outbreak.
President Cyril Ramaphosa met with big business to discuss measures to mitigate the spread of COVID-19.
Bongani Bingwa chats to the Banking Association South Africa managing director Cas Coovadia to give more insight on the meeting with the president.
Banks are concerned that clients will default, but the buffer board is clear that we have to do what we can to walk with our customers during this period.— Cas Coovadia, Managing director - Banking Association South Africa
The drop on the interest rate goes a long way towards helping clients during this time, he says.
There needs to be an industry intervention and response towards COVID-19.— Cas Coovadia, Managing director - Banking Association South Africa
To track the latest developments around the coronavirus both in South Africa and abroad, click on this live status report from Strategix.
Listen below to the full conversation: