In his address on 24 March 2020, Minister Ebrahim Patel confirmed that the Government has issued an exemption to banks under the Competition Act to coordinate on measures which can be used to support businesses and ordinary citizens during this period.
The exemptions will allow South African banks to work together to devise programmes and relief measures which can help small businesses and consumers through these financial and economic challenges.
In particular, the exemptions will enable banks to coordinate in respect of payment holidays and debt relief for business and individual citizens subject to financial stress; limitations set on asset repossessions of business and individual citizens subject to financial stress; and the extension of credit lines to individuals and businesses subject to financial stress. This includes sharing information and resources to ensure the continued availability of banknotes to ATMs, branches and businesses
To see Minister Patel’s full statement click here.