This is to help mitigate the economic impact of the COVID-19 on businesses and staff.
This decision is coming after the Bank of Ghana (BoG) urged all financial institutions in the country to implement measures to help curb the spread of the COVID-19.
The Managing Director of the Bank, Farid Antar, said that Republic Bank knows the economy will be affected due to social distancing which is needed to stem the spread of the virus.
“As a Bank with a heart, we recognize that these are critical times for everyone, with an 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 the spread of the virus.”
The bank explained that the Loan Repayment Deferment offer which is available from March 27, 2020, is currently available upon request. Customers who want this offer are to apply for it by contacting their respective Branch and Corporate Managers or Relationship Officers.
The Bank has also introduced automatic waivers until June 30, 2020, on the excess fees and late fees on loan repayments.
The Republic Bank also cautioned the public to limit the use of their banking halls, and make use of their various digital platforms as part of precautionary measures to protect themselves and families against the coronavirus.
“Customers of the Bank limit the use of the Banking Halls and instead, utilize 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,” the MD said.
Ghana has already recorded 132 cases with three deaths and one recovery.
Most of the new cases are from travelers who were put under mandatory quarantine and subjected to mandatory testing.