Republic Bank Ghana, a subsidiary of Republic Financial Holdings Limited (RFHL), has become the first bank to announce a deferment in the repayment of loans by its customers.

The loan repayment deferment for customers and staff of the bank is for a maximum period of six months, and is in response to the COVID-19 pandemic.

The offer is, however, currently available upon request.

The bank, in a statement, said: “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 – www.republicghana.com

In addition, the bank has also introduced automatic waivers until 30th June 2020 on the following:

1. Excess fees

2. Late fees on loan repayments

According to the Managing Director of the Bank, 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 an expected high pressure on cashflows 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 cashflows in order to support them to take all precautionary measures needed to protect their families and themselves from the spread of the virus,” the Managing Director added.

Mr Antar 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.