Stanbic reschedules repayment of 37bn/- by clients due to COVID-19

21May 2020
The Guardian Reporter
Dar es Salaam
The Guardian
Stanbic reschedules repayment of 37bn/- by clients due to COVID-19

A record 265 clients of Stanbic Bank Tanzania Limited have been given debt relief which include a grace period of between 3-6 months to repay a whopping 37bn/- debt thanks to the coronavirus pandemic.

Stanbic Bank Tanzania’s Head of Personal and Business Banking, Brian Ndadzungira.

Speaking in Dar es Salaam earlier this week, Stanbic Bank’s Head of Personal and Business Banking, Brian Ndadzungira said the bank recognizes the importance of its customers to continue to operate amid COVID-19 outbreak hence the decision to grant the grace period for loan repayment.

“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,” said Ndadzungira adding that the bank’s actions are meant to alleviate some of the financial impacts facing customers.

“This will not only assist our clients with managing their loan repayments but also enable them to honour payments to their staff and suppliers,” he noted while pointing out that the relief commenced in April for the tourism sector and has now expanded to the energy, transport and small and medium size enterprises (SMEs).

He further stated that the initiative is part of the bank’s continued efforts to support its customers by taking measures to cushion them from the economic impact of the coronavirus pandemic. Additionally, Stanbic Bank continues to provide financial advisory to its clients to ensure that they have effective business continuity plans.

“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. 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,” Stanbic Bank’s Head of Personal and Business Banking, promised.

Stanbic Bank Tanzania provides the full spectrum of financial services with its Corporate and Investment Banking (CIB) division serving a wide range of requirements for banking, finance, trading, investment, risk management and advisory services.

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.

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