The Banking Association South Africa

News

Reconstruction and Recovery

The Economic Reconstruction and Recovery Plan (ERRP) unveiled yesterday by President Ramaphosa – the product of months of consultation with NEDLAC social partners – lays out a clear and inclusive path to recovery and reconstruction.

Sep Covid-19 Relief Update

Covid-19 Opinion

South African banks have done a huge amount over the last few months to support their customers and the economy of the country during the Covid-19 pandemic and national lockdown.

Islamic Finance Conference

Islamic Finance Update June

The value of Islamic financial services products grew strongly in the period to June 2020, with the deposits reaching R37 billion (2018: R23 billion) and loans and advances amounting to R14.6 billion (2018: R10.6 billion), according to data from the South Africa Reserve Bank.

September Debt Relief Update

There has been an increase in the rate of uptake in the Covid-19 Loan Guarantee Scheme, despite demand for credit from the private sector continuing to slow, due to uncertain business conditions, unreliable electricity supply and a weak economy.

August Debt Relief Update

Despite uncertain business conditions and a weak economy reducing demand for credit, South African banks have been able to provide a cumulative R46,22 billion – in financial relief and loan guarantees – to South African businesses and individuals who are financially distressed due to the Covid-19 pandemic and national lockdown, up to 15 August 2020.

Bank Support Measures

The Minister of Finance, Mr Tito Mboweni, on the 19th of August met with the Board of the Banking Association South Africa to discuss measures banks were taking to support the economy as the country moved to Level 2 of the Covid-19 lockdown.

COVID-19 Loan Guarantee Update

The Covid-19 Loan Guarantee Scheme was set up to help ease some pressure off qualifying businesses negatively affected by low economic activity following the global lockdown imposed to reduce the spread of COVID-19. It has been reviewed to make it easier to access. Some of the changes include that bank credit assessments and loan approvals will be more discretionary and less restrictive, in line with the objectives of the scheme. In addition, clients are now being able to access the loan over a longer period.

COVID-19 Loan Guarantee FAQ

The Covid-19 Loan Guarantee Scheme provides loans, substantially guaranteed by government, to eligible businesses to assist them during the COVID-19 pandemic. Funds borrowed from this scheme, through the banking industry, can be used for operational expenses, such as salaries, rent and lease agreements and contracts with suppliers.