News
Islamic Financial Service Products Grew in 2019
The value of Islamic financial services products grew strongly in 2019, with the deposits reaching R35 billion (2018: R23 billion) and loans and advances amounting to R12.4 billion (2018: R10.6 billion), according to data from the South Africa Reserve Bank.
Read MoreApril Update: COVID-19 Loan Guarantee
In the two weeks between 25 April to 09 May 2020, Banking Association South Africa (BASA) members extended an additional R3,84 billion of debt relief to individual customers experiencing financial distress due to the Covid-19 pandemic and national lockdown. This brings the cumulative amount of relief offered by BASA members since they started assisting individuals to R11,58 billion.
Read MoreCOVID-19 Loan Scheme Q&A
As a result of the novel coronavirus and the steps taken to curb its spread, many businesses face a significant loss of income. In this context, government is partnering with commercial banks to provide financial support to small and medium-sized firms to enable them to meet their operational needs over the next few months.
Read MoreLoan Guarantee Scheme Opens
The Covid-19 loan guarantee scheme announced by President Cyril Ramaphosa in April will operate from today, 12 May 2020. The initial set of participating banks (Absa, First National Bank, Investec, Mercantile Bank, Nedbank and Standard Bank) are ready to accept loan applications from eligible businesses which bank with them.
Read MoreDebt Relief for Customers
South African banks are implementing debt relief measures to assist customers who are experiencing financial difficulties due to the Covid-19 pandemic and national lockdown.
Read MoreCOVID-19 Call Centre Numbers
BASA is an industry association which represents those banks licenced to operate in South Africa, BASA is not able to assist customers with banking queries. For assistance regarding debt relief during the Covid-19 pandemic and lockdown, please see the contact numbers below.
Read MoreR200 billion Covid-19 Loan Scheme
The R200 billion Covid-19 loan scheme is the outcome of the South African Reserve Bank (SARB) and the National Treasury partnering with members of the Banking Association South Africa (BASA) to help small and medium enterprises, support the economy and save jobs. The scheme will allow qualifying businesses to apply for loan funding from their primary bank for three months of operational costs, such as salaries, rent and supplier payments. All loans will be subject to bank credit approvals.
Read MoreCOVID-19 Loan Scheme for SMEs
In terms of this scheme, R200 billion will be ultimately made available for new loans to existing customers. The initial phase will be R100 billion.
Read MoreReserve Bank Interest Rate Cut
The latest interest rate cut by the South African Reserve Bank (SARB) will give South African homeowners, consumers and businesses important additional financial support during these harsh times for the economy and the country.
Read MoreUpdate: Covid-19 Relief Measures
South African banks have moved quickly to implement wide-ranging debt-relief measures to, wherever possible, assist customers who are experiencing financial difficulties due to the COVID-19 pandemic and national lockdown. However, we strongly encourage all customers to continue to meet their banking and financial services obligations as best they can.
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