Republic Bank Freezes Loan Repayments Over Coronavirus

Republic Bank Ghana Limited has placed a six-month moratorium on the repayment of loans it granted to customers, in a bid to help its clients cope with the devastating impact of the Coronavirus disease (COVID-19) on businesses and economies.

The Loan Repayment Deferment offer is currently available upon request. Customers can apply for this offer by contacting their respective Branch/Corporate Managers or Relationship Officers by telephone, email or completing an online deferment offer form available from 27th March, 2020 on the website of the Bank.

In addition, the Bank has also introduced automatic waivers until 30th June, 2020 on Excess fees and Late fees on loan repayments.

According to the Managing Director of the Bank, Mr. Farid Antar, Republic Bank recognises the economic effect of social distancing which has become necessary to stem the spread of the virus. “As a bank with a heart, we recognise that these are critical times for everyone, with expected high pressure on cash flows for both individuals and businesses. We have therefore taken a bold decision to offer a loan payment deferment option to our customers and staff.

“This, we believe, will cushion their cash flows in order to support them to take all precautionary measures needed to protect their families and themselves from spread of the virus,” the Managing Director added.

Mr. Antar has also recommended that customers of the bank limit the use of the Banking Halls and instead utilise the digital channels (Internet banking, mobile money push and pull, *414#) or conveniently located Blue Machines (ATMs) for their banking transactions as part of the social distancing measures.

He also took the opportunity to urge staff, customers and the general public to take all precautionary measures to protect themselves and families against the coronavirus (COVID-19).

Earlier, the Ghana Union of Traders Association (GUTA) had called on banks and other lenders to freeze loan repayments for its members struggling to import and distribute goods at a time the viral spread had restricted trade.

The COVID-19 has already claimed five lives in Ghana after infecting more than 150 people, according to the Ghana Health Service.