First National Bank Ghana Limited is introducing a raft of relief packages to help both individual and corporate customers against the economic impact of the COVID-19 pandemic.
“Long before the first case of COVID-19 was detected in Ghana, many analysts had predicted that the pandemic would adversely impact Ghanaian businesses and therefore, individual incomes and the overall national economy,” says Richard Hudson, CEO of First National Bank Ghana.
“We appreciate that in these tough times, we need to stand together with our customers by offering them the #RealHelp they need to make it through these tough economic times.”
Under the #RealHelp initiative, First National Bank Ghana Limited is offering at least a 2 percent interest rate cut on loans to all existing customers from April 1, 2020 for the tenor of all Ghana-cedi denominated loan facilities.
To clarify further, Mr. Hudson explained that all cedi denominated loans at First National Bank Ghana Limited are linked to the Ghana Reference Rate (GRR) which is published monthly on the first Wednesday of every month.
Loans to customers are quoted at the GRR plus a margin. With the recently announced drop in the MPC rate, the GRR dropped by 1.20 percent and the bank then slashed its margin by a further 1 percent across all cedi related loans, bringing the total reduction to 2.2 percent.
Customers have also been given an option to apply for repayment holidays, where a temporary moratorium will be placed on the loan repayments for up to six months. This is expected to give customers some leeway to reorganise their finances which may be negatively affected by the economic fallout from the COVID-19 pandemic. Customers can apply for the repayment holiday on the First National Bank app or by using the quick code *877# on its cell phone banking platform.
“The entire process has been digitized so there’s absolutely no paperwork and that also means response times will be faster,” Mr. Hudson says. “We believe these interventions will assist customers who have demonstrated sound banking behaviour, such as consistently honouring their repayments to the bank before the onset of the COVID-19 pandemic.”
Head, Marketing and Corporate Affairs at First National Bank Ghana, Delali Dzidzienyo adds: “With these initiatives, we want to consolidate our position as the most helpful bank in Ghana. We are offering our customers a real helping hand in a very difficult time as many businesses will not perform as well as they had hoped this year; and many individuals will not earn the monthly incomes that they normally expect.
The #RealHelp we are offering is not a one-size-fits-all solution but is tailored to each customer’s unique situation which ensures that we give them the necessary help they that need in this particular circumstance.”