Will There Be Debt Relief For Businesses From Private Banks?

In his speech on 23 March 2020, President Ramaphosa said the following:

‘Commercial banks have been exempted from provisions of the Competition Act to enable them to develop common approaches to debt relief and other necessary measures.’

Banking Association of South Africa members have agreed to do all in their power, while operating within regulatory frameworks, to responsibly support their customers and preserve the safety and soundness of our financial system. It was collectively decided that Saswitch fees will be waived during lockdown.

These banks have so far made announcements regarding debt relief:

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