In an initiative that will benefit 6000 small and medium enterprises
"First Abu Dhabi" allows traders to recover 4 million dirhams
The bank launched the initiative as an effective mechanism to support small businesses
First Abu Dhabi Bank announced that it has made available about four million dirhams 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.
The bank said in a statement yesterday that this amount resulted from the bank’s commitment to provide SME customers with the opportunity to recover 50% of merchant service fees applied to credit card transactions during the three months from April to June 2020, indicating that more than 6000 Merchant customer will benefit from the redemption feature.
"The contributions of merchants are an integral part of the economic development in the country, 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 Retail Banking Sector at First Abu Dhabi Bank.
"The bank launched this initiative as 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," she added.
First Abu Dhabi 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. Cash flow disruptions, and contributed to the sustainability of commercial operations. The bank also reduced loan fees under the umbrella of the "Ghadan 21" initiative.
In addition, the bank cooperated with Etisalat Digital to launch a digital billing service that enables small and medium-sized companies 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.