Republic Bank Ghana, a subsidiary of Republic Financial Holdings Limited (RFHL), has become the first bank to announce a deferment in the repayment of loans by its customers.
Republic Bank Ghana Limited has placed a six-month moratorium on the repayment of loans it granted to customers, in a bid to help its clients cope with the devastating impact of the Coronavirus disease (COVID-19) on businesses and economies.
In a release issued Thursday, March 26, 2020, Republic bank said the offer also included a waiver on fees that customers would have paid.
It explained that the offer was available to customers that apply and further advised customers to do so by contacting their respective branch/corporate managers or relationship officers from March 27, 2020, onwards.
“In addition, the bank has also introduced automatic waivers until June 30, 2020, on excess fees and late fees on loan repayments,” the statement added.
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It said the Managing Director of the Bank, Farid Antar, recognized “the economic effect of social distancing which has become necessary to stem the spread of the virus.
“As a bank with a heart, we recognise that these are critical times for everyone, with an expected high pressure on cash flows for both individuals and businesses.
“We have therefore taken a bold decision to offer a loan payment deferment option to our Customers and Staff,” it said.
Managing Director of the Bank, Farid Antar also recommended that customers of the bank limit the use of the banking halls and instead, utilize the digital channels (internet banking, mobile money push and pull, *414#) or conveniently located Blue Machines (ATMs) for their banking transactions as part of the social distancing measures.
He also took the opportunity to urge staff, customers and the general public to take all precautionary measures to protect themselves and families against the coronavirus.
