- sets aside GH₵35million credit support with reduced interest rates
- gifts victims GH₵200,000
Dr Alexander Asmah, CEO addressing victims of the fire outbreak
Amenfiman Rural Bank PLC has rolled out a comprehensive credit relief package to support victims of the recent fire outbreak that razed several shops at the Blue Light Market in Adum.
The Bank has introduced special concessionary measures, including financial assistance and Corporate Social Responsibility (CSR) support, to aid affected traders to rebuild their businesses.
As part of this initiative, the Bank has allocated GH₵35 million in working capital loans to over 300 existing customers who lost their shops during the unfortunate incident.
According to the Chief Executive Officer of Amenfiman Rural Bank, Dr. Alexander Asmah, interest rates on these loans have been significantly reduced by 400 basis points, equivalent to a four percent reduction from the Bank’s standard rate. Additionally, beneficiaries will enjoy a moratorium period of up to three months to ease their financial burden.
For customers enrolled in the Bank’s Donkomi Promo (collateral-free loans), the usual 20 percent cash lien requirement has been reviewed for those who lost their entire capital in the disaster.
Furthermore, in a show of solidarity, Amenfiman Rural Bank made a CSR donation of GH₵200,000 to support to all victims of the Blue Light Market fire.
Dr. Alexander Asmah made these announcements during a visit by the Bank’s management and staff to the affected traders last Thursday. He explained that following the fire incident, Bank officials engaged with over 300 customers to assess their individual needs and provide targeted support.
“Through our interactions, we realised that each victim had unique challenges. Some required immediate financial support, while others needed help securing new shops or renegotiating trade agreements. Our intervention is tailored to address these specific needs rather than offering a one-size-fits-all solution,” Dr. Asmah stated.
Dr. Asmah further disclosed that the relief package extends beyond existing customers. Victims who were not previously banking with Amenfiman Rural Bank but wish to access financial assistance will also be considered under similar concessionary terms.
“These interventions are open to all victims, not just our existing clients. Beyond that, anyone who wishes to do business with us can access either the concessionary package or our regular terms,” he noted.
To streamline the process, the Bank has set up a dedicated help desk at its Adum branch, ensuring efficient due diligence and personalised support for applicants.
Stock Insurance protection
Addressing concerns about stock losses, Dr. Asmah revealed that a significant number of the affected traders had stock insurance through the Bank’s loan program. He assured victims that the Bank is collaborating with insurance companies to process claims.
“We have always encouraged stock insurance, though coverage varied. Many of our borrowers had their stock insured—some up to GH₵2.5 million, GH₵1 million, or GH₵500,000. We are now actively encouraging all traders, regardless of stock value, to secure insurance for future protection,” he emphasised.
Currently, over 100 of the 318 affected customers had stock insurance coverage, providing them with an added layer of financial security.
Chairman of the United Traders Association, Joseph Bobie Ansah, who received the donation on behalf of the affected traders, expressed his deepest appreciation to the management and staff of Amenfiman Rural Bank for coming to their aid in their time of need.
Several other traders, overwhelmed with gratitude for the Bank’s interventions, could not hide their joy and showered praises on the management and staff of Amenfiman Rural Bank.
