FNB, how can we not help you?

Dear FNB

Please explain the following: The Reserve Bank confirmed that no interest will be charged for lending money to the banks i.t.o the COVID19. I opted for the payment holiday due to the fact that I am unemployed and I am not able to apply or go for interviews during the lockdown. I was relieved when I received the notification that my application was approved.. I thought.. I can breath for a few months. I must say I am utterly disgusted and shocked to see that there is NO payment holiday. FNB is providing a personal loan to pay your FNB related debit orders for three months at a 8.75% interest rate and then you as the consumer must pay back the loan after the 3month holiday is over. I must congratulate FNB for seeing the gap in the market.. You can borrow money from the Reserve bank at NO interest and lend it to your clients, who are struggling financially at a ‘lower that usual’ interest rate. Please change your slogan to something else.. you are not helping anyone - you are dividing 3months‘ repayments over 60months with money FNB doesn’t have to pay interest for. You are making money out of poor, financially strained, desperate people. Your slogan doesn’t suit your integrity because FNB doesn’t have integrity.

I hope that you, the stakeholders are ashamed.

Twany Bekker