First Abu Dhabi Bank provides recovery of about 4 million dirhams for more than 6 thousand small and medium businesses
First Abu Dhabi Bank provides about 4 million dirhams in refunds to merchants as part of the economic incentives package provided by the Emirate of Abu Dhabi to reduce the economic repercussions of the spread of the "Covid-19" epidemic.
This amount resulted from the bank’s commitment to provide SME customers with the opportunity to recover 50% of the merchant service fees applied to credit card transactions during the three months extending from April to June 2020. More than 6,000 First Abu Dhabi Bank merchant customers benefit from the refund benefit Which amounted to 3.97 million dirhams.
“Merchants’ contributions are an integral part of the country's economic development, and each of them has a prominent role in our daily life, and they are also part of the fabric of our society, ”said Hana Al Rostamani, Group Executive Vice President and Head of Consumer Banking at First Abu Dhabi Bank. This initiative is considered an effective mechanism to support small and medium-sized companies, in line with the economic support packages announced by the Abu Dhabi government during this exceptional period and unprecedented challenges.
The First Abu Dhabi Bank had launched several support initiatives during the Corona pandemic, including postponing installments of all types of small and medium-sized companies' loans for a period of three months, and granting the possibility to benefit from the restructuring of the payment plan for companies with working capital, which reduced the flow disturbances. Cash and contribute to the sustainability of business operations. The bank also reduced loan fees under the umbrella of the "Tomorrow 21" initiative.
In addition, the bank collaborated with Etisalat Digital to launch a digital billing service that enables small and medium enterprises to collect fees and issue bills without any contact. This service allowed businesses such as catering stores, restaurants, and others to safely accept card payments. The bank has also canceled the fees for setting up and installing the service for all merchants and business owners for a period of three months.