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Banks Relax Loan Repayments During Lockdown

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A number of banks have announced they are giving customers a holiday in the payment of their loans as many are likely to default due to coronavirus that has shut down the economy.

Stanbic bank, Absa Uganda, and Centenary bank have said their customers should reach out to them for help.

Absa said in a statement on Monday that customers would get up to 6 months of a holiday but on a case by case basis which means not everyone will get.

Dfcu, Absa, Stanbic and Centenary bank have also announced free cash withdrawals at ATMs and agents.

On Tuesday, President Yoweri Museveni said banks must not count days when people have not been working to service active loans.

Millions of Ugandans in both the formal and informal sectors are currently not working, as a result of the government’s measures to control the spread of coronavirus disease-COVID-19.

Bank of Uganda had already directed banks to restructure loans and give up people a holiday of up to 12-months but on a case by case basis.

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