The Ghana Union of Traders’ Associations on Monday commended the Republic Bank for the six-month loan repayment deferment for its customers and staff in response to the COVID-19.

A statement signed by Mr Alpha Shuban, the Union Secretary, and copied to the Ghana News Agency, described the action as a bold decision to offer a loan payment deferment and other concessions to customers and staff, saying; “This is not only laudable but humane”.

The Bank has also introduced automatic waiver on excess and late fees on loan repayment until June 30, this year.

The statement said the Bank’s recognition of the critical times and the attendant high pressure on cash flows for individuals and businesses was commendable.

It said the initiative would cushion the cash flows of customers and staff to take all precautionary measures to protect themselves and their families from the COVID-19.

The show of goodwill and magnanimity by the Bank portrayed the institution as one with a heart, the statement said, adding that the gesture was worthy of emulation by other banks and financial institutions.

It urged all members of the Association to take advantage of the offer by following the application process as stipulated by the Bank.