The Zambia National Commercial Bank (ZANACO) has announced the financial relief packages available to its customers in the awake of the COVID-19 pandemic.
ZANACO Acting Chief Executive Officer Lishala Situmbeko explained that the relief is aimed at cushioning the negative economic effects that COVID-19 has caused on the customers.
“The impact that the COVID-19 has had on individual and business cannot be ignored and it calls for all of us to be supportive of each other. As a bank, we recognize the need to support our customers at a time like this, because it is not business as usual,” said Mr. Situmbeko.
He noted that the relief will be available to personal, business banking and corporate customers who have existing loan facilities with the bank.
He said this will be done after extensive engagements with different customers and stakeholders.
Mr. Situmbeko stated that the relief will include extension of loan tenures, refinancing of loans and loan repayments holidays.
He added that the assistance will be provided in line with the bank’s credit parameters and customer needs.
He further explained that ZANACO seeks to ensure that it customers’ cash flow are cushioned in the medium term and will also provide business coaching and investment guidance.
“We would like to assure our customers that they are not alone in this journey, our doors are open and we are ready to assist them through these uncertain times and beyond the COVID-19 pandemic,” he said.
This is contained in press statement issued to media by ZANACO Head of Marketing and Communications Mutinta Musokotwane.
You people I can’t wait for my kids to go back to school. Working from home has been a challenge. Kids can keep you on your toes. I am now wondering how my wife manages. I think she is a superwoman who deserves to be appreciated more for the tough work she puts up with. So as I am typing this, one of my kids has just jumped on me wanting us to play outside. Kaya imwe uko
“Mr. Situmbeko stated that the relief will include extension of loan tenures, refinancing of loans and loan repayments holidays.”
He doesnt state whether the APR percentage will be fixed and zero charges will added…remember just go and read the small print of your agreement, ZANOCO announcing such is more a publicity than anything.
Mr. Situmbeko stated that the relief will include extension of loan tenures, refinancing of loans and loan repayments holidays.
He doesnt state whether the APR percentage will be fixed and zero charges will added…remember just go and read the small print of your agreement, ZANACO announcing such is more a publicity than anything.
Job well done. We need businesses to easy up on their customers/clients who have kept them going year in year out.
STARNCHART FOLLOW SUIT,,
Gumu gumu The return – Be wary of such announcements the are more of PR than anything especially by a commercial bank…he has not said anything about not adding charges or fixed interest. Go and read the small print.
It is a waste of time reading what Ba Situmbeko has said.
Can someone someone say job well done?extension of a loan is slavery
The heading of the story “ZANACO to relieve pressure on customers” worried me at first! I was sure customers were going to be now s–ually abused in addition to the many woes the poor people were going through with this big, strong and reliable bank as with many other banks in Zambia …
Hope the interest rates ll reduced!
These are the kind of banks to bank with. Not some banks that are just here to rip off their customers, they can’t even think of relief to its customers. Zambians should really know who their true business partners truly are, who will empathize with you in times of challenges. Its about time I moved or opened my account with the likes of Zanaco and Stanbic. Bravo!
Mr. Situmbeko, kindly specify the relief you are talking about. We need to be clear so that we know exactly what to expect. This habit of issuing general statements ends up leaving people even more confused. To be honest, the only relief you can talk about for loan customers could be freezing the ever increasing interest charges that have enslaved your clients.