Update: Covid-19 Relief Measures

South African banks have moved quickly to implement wide-ranging debt-relief measures to, wherever possible, assist customers who are experiencing financial difficulties due to the COVID-19 pandemic and national lockdown. However, we strongly encourage all customers to continue to meet their banking and financial services obligations as best they can.

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BASA Appoints A New MD

The Banking Association South Africa (BASA) is pleased to formally announce the appointment of Ms Bongiwe Kunene to the position of Managing Director, from 01 April 2020.

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Covid-19: Social Grant Charges Reduced

Banks will significantly reduce their charges for South African Social Security Agency (SASSA) grant beneficiaries, to increase the number of pay-points they can use to collect their grants, which will help maintain social distancing in queues at bank branches and retailers, for the duration of the Covid-19 pandemic lockdown.

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Moody’s Downgrades SA’s Credit Rating

The decision by investor services agency Moody’s to cut South Africa’s sovereign credit rating to sub-investment grade - although not unexpected - comes at an unfortunate time, when the country is working to contain the human cost of the Covid-19 pandemic and the resulting economic impact.

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Banks Respond to COVID-19

South African banks strongly support the decisive leadership of President Cyril Ramaphosa and his government in the effort to protect lives and slow the spread of Covid-19. Banks play a vital role in the economy and accept that as a designated essential service it is their duty to remain operational and accessible, and to support their customers and ensure their safety - alongside that of our staff - during these challenging times for all South Africans.

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COVID-19 Business Supports President

All South African business organisations have called on their respective members to respond comprehensively and with the same decisiveness and sense of solidarity, displayed by President Ramaphosa in his address to the nation on 23 March 2020.

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SABRIC: Beware Coronavirus Scams

SABRIC, the South African Banking Risk Information Centre, would like to warn bank clients that cybercriminals are exploiting the spread of Coronavirus for their own gain using “Coronamania” panic to spread Coronavirus scams.

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COVID-19 Pandemic Statement

We fully support the steps government is taking to prevent the spread of the virus, including the declaration of a national state of disaster. We stand ready to play our part, in partnership with our regulators; and business, labour, government and civil society, through the National Economic Development and Labour Council (Nedlac).

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2019 Transformation in Banking

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Budget Speech 2020 Review

Despite some helpful announcements, there is nothing in the budget that will significantly change the growth or debt figures, South Africa is likely to lose its last investment grade credit rating this year. A poor credit rating increases the cost of funding for banks which in turn increases borrowing costs for business, consumers and government and this will dampen the possibility of future economic growth.

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