Tanzania’s Stanbic Bank Bestows Deficit Solace to over 265 Customers

By Abdul Rahman Bangura–

Photo Credit: Dailymonitor

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- In connection of the thriving financial consequence, hinted to the eruption of the Coronavirus (COVID-19), Stanbic Bank Tanzania has declared deficit assistance for its customers by giving them with a 3-6-months expenditure vacation.

It started up in April for the tourism sector and has presently broadened to the Energy, Transport and Small Medium Enterprise (SME) Sector. The drive is part of the bank’s renewed endeavor to finance its clients; by way of providing them with positive models, that will deliver a support from the financial impact of the Coronavirus outburst.

Brian Ndadzungira – Stanbic Bank Head of Personal and Business Banking clarified that, the bank acknowledges the significance of its clients to keep on to operate amidst COVID-19. “We understand that due to measures taken by countries in the region and the rest of the world to combat the spread of Coronavirus, businesses in Tanzania have also been affected. The bank will alleviate some of the financial impacts facing our customers by putting in place measures that will offer relief during these challenging times. This will not only assist our clients with managing their loan repayments but also enable them to honor payments to their staff and suppliers.”

Nonetheless, the bank has furnished relief to over 265 clients within their portfolio, with exposures over TZS 37 billion. Also, the bank proceeds to give financial advisory to its consumers to assure that, they have a helpful business continuity strategy. “We are urging all customers who are facing financial difficulty resulting from Covid-19 to contact us immediately because together we can find a workable solution,” strengthened Ndadzungira.

“As a bank, we remain committed to making a positive impact in the communities we operate and support the government in addressing the economic impacts of the pandemic,’ said Ndadzungira. Stanbic Bank Tanzania is part of the Standard Bank Group, Africa’s largest bank by assets.

The Bank delivers a full range of financial services. Its Corporate & Investment Banking (CIB) department fulfills a wide range of regulations for banking, finance, trading, investment, risk management and advisory services. Corporate and Investment Banking produces this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.

Standard Bank’s corporate and investment banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.

Stanbic Bank Tanzania’s Personal and Business Banking unit (PBB) offers banking and other financial services to individuals and small-to-medium enterprises. PBB serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth.

Current Outbreak of Coronavirus (COVID-19) Disease- Coronavirus advisory information, World Health Organization & United States, Centers for Disease Control and Prevention

Coronaviruses (CoV) are a large family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). A novel coronavirus (nCoV) is a new strain that has not been previously identified in humans.

Coronaviruses are zoonotic, meaning they are transmitted between animals and people.  Detailed investigations found that SARS-CoV was transmitted from civet cats to humans and MERS-CoV from dromedary camels to humans. Several known coronaviruses are circulating in animals that have not yet infected humans.

Common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death.

Standard recommendations to prevent infection spread include regular hand washing, covering mouth and nose when coughing and sneezing, thoroughly cooking meat and eggs. Avoid close contact with anyone showing symptoms of respiratory illness such as coughing and sneezing. Source- WHO

who.int/emergencies

Coronavirus Q&A, World Health Organization

who.int/news-room

Coronavirus condition overview, World Health Organization

who.int/health-topics

United States, Centers for Disease Control and Prevention

cdc.gov/coronavirus/2019-ncov