You can count on Absa in uncertain times. Our primary focus is on serving our customers and ensuring they have access to safe and convenient services during this period.
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The following branches will remain open:
- Independence Branch
- Providence Branch
- Baie Ste Anne Branch
- Commercial Branches are open from 08:30-14:30
- All branches are closed on weekends
All our ATMs will continue to work and be maintained. Customers are encouraged to use our Cash Accepting ATMs for deposits and digital channels for banking transactions, rather than visiting a branch during this emergency situation.
Please remember to wash your hands with soap for 20 seconds (or use sanitiser) before and after withdrawing cash from an ATM, and practice social distancing at the ATM machine, in the interests of your health and safety, and those around you.
Absa’s main priority is the safety of its customers, employees and community members. As such, we have made every effort to ensure that the following measures are in place:
- Hand sanitisers have been made available for staff to use after every transaction or customer interaction.
- Hand sanitisers are also available for customer use when visiting a branch.
- Biometric readers are wiped down with alcohol swabs after every transaction or customer interaction.
- Cash handlers have been provided with regulation gloves.
- All cleaning protocols have been enhanced (e.g. sanitisation of desks, counters, etc.).
- Educational initiatives have been implemented for staff members (increasing awareness around hygiene and general behaviour).
We have made every effort to try and make our facilities as safe as possible for our employees, customers, suppliers and other visitors.
- A 3-month payment holiday on credit products (including personal loans, mortgages and vehicle and asset finance) will be considered for Personal and Prestige customers affected by COVID-19.
- You get free interbank transfers on digital channels.
- Enjoy free ATM fund transfers to your own Absa accounts.
- We offer a reduction of 1% on our prime lending rate on loans to take effect from 1 April 2020. It will be implemented across all loan payments due from April onward.
- We are removing the Rs50 note from ATMs in order to ensure more cash is available to customers between replenishments.
Your financial wellbeing is important to us, and Absa Seychelles is committed to supporting you through this difficult time.
Please contact us on (+248) 438 3939 if you are experiencing financial difficulties as a result of the pandemic, so that we can help you best navigate the unique challenges that you face.
Here is an example of our personal payment holiday calculation:
Customer A took a loan with us on 1 October 2019 for SCR100,000 at an interest rate of 10% and a tenor of 60 months (5 years).
His current monthly repayment is SCR2,125 and his loan expires on 1 September 2024.
As at the end on March 2020, he had made 6 monthly repayments and his loan balance stood at SCR92,089.
Original loan amount 100, 000 Current loan amount (as at the end of March 2020) 92, 089 Monthly repayment 2, 125 Interest rate 10% Date the loan was taken 1 October 2019 Current expiry date on loan 1 September 2024 Remaining loan tenor (as at end of March 2020) 54 months
Now, Customer A opts in for the repayment holiday of 3 months, starting April 2020.
This means that he doesn't have to pay either principal or interest during this holiday.
So, what will happen to his monthly repayment and loan tenor after the repayment holiday?
Month Payment Interest Principal Balance March 92, 089 April 0 756.89 0 92,845 May 0 788.55 0 93,634 June 0 769.59 0 94,404
During the payment holiday, the interest will be calculated and added to the loan balance. As per the above example, the March loan closing balance was SCR92,089. In April, the interest will be calculated and added to the March balance. This will become the April balance. The same process will be repeated for the 3 months of the repayment holiday.
In the above example, you will notice that the balance moved from SCR92,089 to SCR94,404. The difference is the interest of SCR2,315 that has been added to the loan balance for the 3 months.
Will there be an increase in repayment amount or increase in loan tenor to cater for the additional interest after payment holiday?
Considering the impact that it will have on the customer's monthly take-home salary, the bank decided to increase the tenor and keep the repayment of the loan as is. The benefit of this approach is that customer will not need additional funds to cater for an increase in the repayment. This means that, in the example, the loan repayment will remain at SCR2,125 and the tenor will be increased by 2 months. The new expiry date would be 1 November 2024.
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Absa Seychelles fully supports Government’s decisive actions to reduce the health and economic impacts of COVID-19 on the country. The health and safety of our employees, customers and our community is a top priority. Our digital and telephonic customer service channels are fully operational for customers to engage with us. It’s easy to bank digitally from home with Absa. You can check balances, transfer money and pay bills on the Absa Mobile Banking App, cellphone banking or internet banking.
As an active corporate citizen, Absa Seychelles is contributing to a number of government efforts to contain the spread of COVID-19, and is also participating in an industry-wide response to support local economies during this time. In addition, we are working with all relevant authorities and regulators to ensure that critical banking and financial services remain available, and to facilitate economic relief measures for customers and clients in respect of their debt obligations.
We are working closely with the Central Bank on the mechanisms of the national relief fund of Rs500m announced. The aim is to offer working capital support to affected businesses through the fund to Absa bank qualifying customers, details of which will be communicated once finalised.