The Ghana Union of Traders Association (GUTA) has lauded the six-month loan payment deferment option by the Republic Bank for its customers and staff to enable them stabilize in the wake of the pandemic.

This follows an earlier appeal by GUTA to banks in finding a way of alleviating the plight of its members who have taken loans from financial institutions.

In a statement issued and signed by Alpha Shuban, Secretary for GUTA, and sighted by GhanaWeb, they described the move as a bold one to offer a loan payment deferment and other concessions to customers and staff, adding that “this is not only laudable but also humane.”

Among these concessions, Republic Bank has also introduced an automatic waiver on excess and late fees on loan repayment until June 30, 2020.

“In fact, the banks recognition of these critical times and the attendant high pressure of high cash flows for individuals and businesses, as well as the bold decision to offer a loan repayment deferment option and other concessions for customers and staff, is not only laudable but also humane,” the statement read.

“As the Managing Director, Mr. Farid Antar rightly said, the decision will cushion the cash flows of customers and staff to take all precautionary measures to protect themselves and their families from the spread of the novel Coronavirus,” it added.

GUTA says the show of goodwill and magnanimity by the bank has portrayed the financial institution as one with a heart. Adding that; “that is kind of them” and was worthy of emulation by banks and financial and non-financial institutions.

The union is therefore urging all its members to take advantage of the offer and application process by the bank.