In response to the unprecedented pandemic, WesBank has devised payment relief plans to assist customers and partners who have been impacted by COVID -19.
WesBank provides a wide range of financial services products to the Retail and Corporate market in South Africa including Vehicle and Asset Finance, Full Maintenance Leasing and Vehicle Stock Funding.
In response to the effective actions put into place by our National Government, we have implemented what we believe, are appropriate and ethical plans to responsibly navigate around the current situation and ensure service continuity for all our customers. We applaud the Government for taking decisive action early on and charting the course.
We are pleased to announce that from 1 April – 30 June 2020, we will implement measures to provide relief to individual and business customers whose financial stability has been impacted by COVID-19. Our interventions will assist customers who demonstrated sound banking behaviour, such as having honoured their repayments to the bank on a consistent basis prior to COVID-19. The type of relief and the implementation thereof will vary depending on the type of product that each customer holds. Interest and fees will continue to accumulate on outstanding balances, but no fees will be charged for any relief granted. Customers who have been impacted are welcome to please get into contact with us through their preferred channel to make the necessary arrangements.
Our aim is to ensure that customers across all our product segments can continue keeping their financial affairs in order through this difficult time. We encourage all clients who are able to honour their financial obligations to continue servicing their repayments to maintain a positive credit history.
A critical aspect of our business is our employees. A lot of work has been done internally to increase awareness about the virus as well as implement the necessary precautions to help minimise it from spreading. Further to this we have successfully structured our operations to allow for the necessary business continuity, and 95% of our employees have been provided with resources to enable them to work from home.
In addition to our efforts to help with financial relief, in the last few days, WesBank, together with the FirstRand Group, has prioritised early invoice payments for our SME suppliers to the value of over R1 billion to ensure that they are able to maintain financial stability over this time.
WesBank wishes to commend the leadership of BASA, Competition Authorities, SARB and the National Treasury which has enabled the industry to be more agile and efficient over this difficult period. We also wish to thank the public and private health sectors for their endeavours and hard work on the joint effort to protect our country against the impact of COVID-19. We are confident that we will overcome this pandemic together as a country.