Amidst the renewed Corona Virus lockdown in Uganda, commercial banks have risen up with new ways to soothe loan payments and schedules for customers. Among these, the recently rebranded Absa Bank__from Barclays led the pike yesterday with a payment holiday for its customers
In the light of Absa Bank ‘s relief program, Centenary Bank has joined the race with payment holidays for loan holders endangered by the current COVID19 lockdown.
Through this program, customers in sectors that have been directly affected by the current COVI19 lockdown will benefit from a 6-12 month holiday.
According to Absa Bank, customers will be offered payment holidays of up to 6 months with their needs gauged on their credit state and solutions tailored on a case by case scale.
The unprecedented nature of the pandemic means that we are all adapting to the situation as it changes. We reiterate our commitment to our customers and to Uganda to ensure that our livelihoods are secure with minimal disruption. We will continue to monitor the situation closely and adjust our relief program where necessaryMr. Mumba Kalifungwa – Managing Director Absa Bank Uganda
On the other hand, Centenary bank acted on a Bank of Uganda directive to all commercial banks. Centenary chose to undertake new measures and restructure where required to grant tax holidays of up to 12 months for corporate and individual customers.
The business support shall include a grace period on loan payments for borrowers that have been affected by the pandemic, on a case by case basis at our discretion for up to 12 months, effective” – The Centenary Bank Statement read
The rise of tax holidays by 2 of Uganda’s top commercial banks means a path to be followed by competitors in the same lane. However, the waivers are as a result of mounting concern from Loan holders on how they can bezzle through a Lockdown while clearing their due payments.