First Abu Dhabi Bank extends Dh3.97m as rebates to small businesses
These relate to service fees charged on credit card transactions between April to June
Dubai: The First Abu Dhabi Bank (FAB) is extending nearly Dh4 million in rebates to merchants as part of Abu Dhabi’s COVID-19 related relief measures.
The bank is offering 50 per cent rebate on the 'merchant service fee' charged to SME customers on credit card transactions during the three-month period from April. More than 6,000 of FAB’s merchant customers benefit from the sums being disbursed.
Clutch of measures
In a statement, Hana Al Rostamani, Deputy Group CEO and Head of Personal Banking, said: “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 period include deferring up to three months of instalments for all loan types for SME customers and offering special repayment restructuring of working capital facilities, which helped ease cashflow 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.