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FNBB announces loan repayment holiday for customers

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In response to damage caused by the Covid-19 virus, First National Bank Botswana (FNBB) has announced a cashflow relief for its eligible customers with a good track record of honouring heir repayments.

The relief, the bank said, is available to both retail and commercial customers for a period of three months, from April to June.

In retail, the relief applies to home loans, personal loans and WesBank loans while for the SME customers the relief applies to commercial property finance, vehicle and asset finance and term loans.

SME businesses with an annual turnover up to P10 million and an initial loan amount not exceeding P5 million will benefit from this relief program.

In addition to loan repayment holidays, the bank has in some instances introduced zero rate on some payments on digital banking channels and some of the payments that will be done for free until end of April are payments made on Mobile banking app; payments made on mobile banking; and cash withdrawal made through Cash@Till.

For the months of may and June, the bank says FNBB App payments, mobile payments and cash@Till will be offered at a 25 percent discount on the current fee and the bank hopes these measures will help ease customers’ financial constraints until things stabilise.

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2 Comments

2 Comments

  1. Matshoba Malepa

    April 11, 2020 at 11:04 am

    ALL WHAT IS SAID BY FNB CEO IS NOSENSE

  2. Tshupetso Chippa Molemi

    April 12, 2020 at 7:34 pm

    🤣 🤣 🤣.. This folks always play too smart with words so that tommoro they can ask you “where was it written”… Basically this is why some foreign nationals prefer to keep their money in houses and also revoke from this loan insurance etc…

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Business

De Beers cuts production as Covid-19 effects set in

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In response to the Covid-19 pandemic, diamond mining conglomerate De Beers – has revised its global production guidance.

The company, which operates Debswana Mines with Botswana government in a 50/50 joint venture, revealed this week that it has cut its global production guidance by 7 million carats to reflect demand and support long-term value.

When updating the media last Thursday afternoon, De Beers – Global Sightholder Sales Executive Vice President, Paul Rowley described the pandemic as unprecedented and nothing like what the world has ever faced.

Previously, production guidance was set between 32-34 million carats for the year, but non due to the pandemic which has affected business across sectors.

Rowley told the media that the diamond mining giant is also refocusing and repurposing marketing plans to reflect a changing situation.

Furthermore, he said the group is also working with partners in government to see how to generate revenue when international customers are unable to travel adding that creating viewing centres in other countries is another option being considered as a temporary measure.

Despite the current challenges facing the diamond industry, and all other industries, Rowley said De Beers continues to make major investments across the diamond value chain to ensure the industry’s continued success during these unprecedented times.

De Beers, according to Rowley, is making investments in production capacity expansion, rough diamond distribution efficiency and downstream consumer marketing campaigns.

Rowley told journalists that Covid-19 has impacted heavily on all the three streams, being downstream, midstream and upstream.

On the downstream side, he noted that the pandemic has had a direct impact of De Beers Jewellers retail outlets due to store closures and consumer demand impact.

In the midstream, he says the pandemic has negatively affected the rough diamond sales as the third sight was cancelled due to logistical challenges as countries went on a lockdown.

The fourth sight was only attended by local beneficiation Sightholders as international buyers were unable to travel once again.

In the upstream, Rowley said operations across the globe were impacted and the group has had to implement new requirements and procedures in the workplace to keep the workers safe.

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Business

Letlole La Rona suspends CEO

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Letlole La Rona (LLR), a property company listed on the Botswana Stock Limited (BSEL), on Tuesday moved to suspend its Chief Executive Officer, Chikuni Shenjere-Mutiswa.

His suspension, according to a notice to shareholders, follows preliminary findings arising from an investigation into issues relating to the company’s Long-term Incentive Plan.

Mutiswa who was appointed LLR CEO in June 2018, is said to have been suspended with full benefits pending the outcome of the full investigations.

Commenting on the latest developments, LLR Board Chairperson, Boitumelo Mogopa noted good governance remains sacrosanct to the board and all staff of the company.

“The preliminary findings of the possible misconduct arising from the investigations relate to the circumstances around the company’s Long-term Incentive Plan during or around March this year and possible acts or omissions by an individual in a unique position of power,” said Mogopa.

Mogopa said this by no means reflects the integrity of the board, financial performance and company portfolio.

“For us, it remains business as usual as the due process takes its course,” said Mogopa.

Meanwhile, the board has in the interim appointed Botshelo Mokotedi to hold the fort on an acting basis while investigations continue.

Mokotedi is seconded from Botswana Development Corporation (BDC) – a major shareholder in LLR – where he is the Head of Risk.

He is described as a forward-thinking, highly motivated and results-oriented individual with more than a decade experience in the financial services sector across a variety of senior roles, including Business Development, Credit Analysis as well as Portfolio and Risk Management.

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