In the spirit of working together to support the welfare of its customers and clients as the effects of COVID-19 hits individuals and businesses, 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 measures 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 transfer fees on our digital platforms and mobile wallet transaction fees for transactions of GHS100 and below”
In addition, Fidelity Bank has also introduced an enhanced offering to customers on the Fidelity Mobile App, which now enables customers to apply for salary advances, overdraft limit increases and loan top-ups from the comfort of their homes.
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 the ability to meet repayments. The package will include loan repayment postponement and loan restructuring where applicable,” adding that, “we have waived issuance fees for Fidelity Bank Visa cards for the next five weeks, with an additional option for a courier service to deliver cards directly to customers.”
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.”
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 disclosed.
He further indicated that Fidelity Bank will expand its partnership-funding with the Medical Credit Fund designed to support the health care sector by offering a concessionary financing rate reduction of 2%.