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Market Review - May 2020

COVID-19 cashflow relief from FNB Namibia

COVID-19 cashflow relief from FNB Namibia

FNB Namibia is now offering three-month cashflow relief assistance to customers who have been adversely affected by the COVID-19 pandemic and lockdown.

To ascertain whether they qualify for this assistance, customers are encouraged to use their banking app or the USSD service on cell phone banking. This arrangement follows on FNB staff working around the clock to come up with the best solution for their customers who have been financially impacted by the virus.

The relief will be evaluated on an individual basis. In essence customers who are in good standing, and who experience challenges with income directly related to COVID-19 are the most likely to qualify.

Products eligible for cashflow relief are home loans, vehicle and asset finance and personal loans.
During the three-month payment holiday, a customer will not be expected to make any installments (capital or interest) and interest will be calculated as normal during the cashflow relief period. The existing loan term will then be extended accordingly when payments commence, to ensure the value of the installment does not increase.
Customers are encouraged to download the FNB banking app to apply for cashflow relief – after logging on, select the COVID-19 button on the home screen to apply.
Customers will also be required to provide evidence on how their income has been impacted, and supporting documentation should be emailed to [email protected] com.na.

First National Bank also has some assurance in these difficult times: We are also there for those who might not qualify. Such customers are requested to contact the FNB collection teams in order to make payment arrangements on their loans.

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