FAB distributes nearly AED 4 million as part of COVID relief measures to over 6,000 SME merchants
Abu Dhabi, 20 August 2020: First Abu Dhabi Bank (FAB), the UAE's largest bank and one of the world's largest and safest financial institutions, is disbursing nearly AED 4 million in rebates to merchants as part of Abu Dhabi’s relief measures initiated by the effects of COVID-19.
The sum comes as a result of the bank’s commitment to offer 50% rebate on the merchant service fee charged to SME customers for credit card transactions during the three-month period between April to June 2020. More than 6,000 of FAB’s merchant customers will benefit from the total of AED 3.97 million being disbursed.
Hana Al Rostamani, Deputy Group CEO and Head of Personal Banking at FAB, said: “Merchants are integral to powering our economy and our everyday lives; they are the countless businesses that make up the very fabric of the society we live in. The merchant rebate initiative has been a highly effective mechanism for providing relief to SMEs, which along with a comprehensive package of measures has helped to keep powering Abu Dhabi’s economy forward during unprecedented times.”
Other relief measures FAB has implemented over the pandemic period include deferring up to three months of instalments for all loan types for SME customers and offering SMEs special repayment restructuring of working capital facilities, which helped ease cash flow disruptions and sustain business operations. Fees for loans under the Ghadan 21 initiative were also reduced.
Furthermore, the bank also partnered with Etisalat Digital to launch a digital invoicing solution catering to the SME merchant base in a fully contactless manner. The move allowed SME merchants such as grocery stores and restaurants to accept card payments in a safe and secure manner. FAB waived setup fees for the solution and charged zero monthly fees for three months.
And FAB also launched a new ‘payment as a platform’ for merchants, consolidating a full range of payment needs into a single, digital-first package.