Fidelity Bank Ghana Limited has reduced lending rates on personal loans for qualifying customers to 17.5%, as part of effort to cushion and provide relief to its client in the wake of the covid-19 pandemic.
The initiative also includes a further relief option of a maximum three-month repayment holiday where required.
Again, reduction in lending rates forms part of initial support measures designed by the indigenous Ghanaian bank to provide immediate support to its customers and Ghanaians as a whole.
In a press statement release yesterday, the Bank says the intervention will take effect from Thursday, 26th March 2020.
In line with fee waiver directive
The statement explained that Fidelity Bank is doing this in line with the “fee waiver” directive issued by the Ghana Association of Bankers.
“We have aligned with Ghana’s Association of Bankers’ fee waiver announcements and as such have waived all interbank transfer fees on our digital platforms and mobile wallet transaction fees for transactions of ¢100 and below”, the statement read.
In addition to this, Fidelity Bank has also introduced a special offer to its customers on the Fidelity Mobile App, which enables them to apply for salary advances, overdraft limit increases and loan top-ups from the comfort of their homes.
The Managing Director of the Bank, Julian Opuni, said “we have introduced a relief package for existing borrowers who are identified as being affected by the COVID-19 pandemic, thus impacting on the ability to meet repayments”.
The package, he explained, will include postponement of loan repayment and loan restructuring where applicable.
He adds that “we have waived issuance fees on Fidelity Bank Visa cards for the next five weeks, with an additional option for a courier service to deliver cards directly to customers.”
Support for SMEs and Corporate Client
He further disclosed that stimulus packages will be given to Fidelity Bank’s SME and Corporate Clients who have been hard hit by the covid-19 disease.
“With immediate effect, Fidelity Bank’s SME & Corporate Clients directly impacted by the prevailing pandemic will receive a relief package”, he said.
The package for the SMEs and Corporate client, he said, will include loan moratoriums and loan restructuring opportunities subject to approval.”
‘With our continued partnership with the Dutch Government/SNV to support the WASH sector, all borrowers across the Water, Sanitation and Hygiene (WASH) value-chain will enjoy a concessionary rate of 10% per annum for qualifying loans,” he added.
He further indicated that Fidelity Bank will expand its partnership-funding progranme with the Medical Credit Fund designed to support the health care sector by offering a concessionary financing rate reduction of 2%.
Ghana’s situation with Covid-19
Ghana’s case is getting scarier by the minute, considering the rate of infection as compared to countries like Italy, Spain, the UK and the US.
So far, the country has recorded 136 case, including 3 deaths and one recovery, as the last update this morning, March 27, 2020.
To contain the spread, social distancing has been advised over and over again, but this is becoming very difficult for people to adhere to. For some, it is because of indiscipline and for others, it is due to economic factors.