Fidelity Bank Ghana Limited has reduced interest rates on personal loans for qualifying customers to 17.5%. This reduction will include a further relief option of a maximum three-month repayment holiday where required.
The bank in a statement said this is part of initial support measure designed to provide immediate relief and cushion their clients and by extension Ghanaians at large, with effect from Thursday, 26th March 2020.
The bank, in a statement, said: “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 GHS100 and below”
The bank, through its mobile app has also enabled customers to apply for salary advances, increased overdraft limit and loan top-ups.
According to the Managing Director of the Bank, Julian Opuni, “we have introduced a relief package for existing borrowers who are identified as being affected by the COVID-19 pandemic, thus impacting on ability to meet repayments. The package will include loan repayment postponement and loan restructuring where applicable,” he said.
“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,” he added.
On Fidelity Bank’s support to priority sectors of the economy, Julian Opuni stated, “with immediate effect, Fidelity Bank’s SME & Corporate Clients directly impacted by the prevailing pandemic will receive a relief package. This package will include loan moratoriums and loan restructuring opportunities subject to approval.”
The Bank also announced that all borrowers across the Water, Sanitation and Hygiene (WASH) value-chain will enjoy a concessionary rate of 10% per annum for qualifying loans.
He further indicated that Fidelity Bank will expand their partnership-funding progranme with the Medical Credit Fund designed to support the health care sector by offering a concessionary financing rate reduction of 2%.