COVID 19 – Fidelity Bank reduces interest rate for customers

Fidelity Bank Ghana Limited has reduced interest rates on personal loans for qualifying customers to 17.5 per cent in the spirit of working together to support the welfare of its customers and clients as the effects of COVID-19 hits individuals and businesses.

This reduction will include a further relief option of a maximum three-month repayment holiday where required.

The bank in a statement said “this is part of initial support measure designed to provide immediate relief and cushion their clients and by extension Ghanaians at large, with effect from March 26,, 2020.

It said “we have aligned with Ghana’s Association of Bankers’ fee waiver announcements and as such have waived all interbank transfer fees on our digital platforms and mobile wallet transaction fees for transactions of GH¢100 and below”

“In addition, Fidelity Bank has also introduced an enhanced offering to customers on the Fidelity Mobile App, which now enables customers to apply for salary advances, overdraft limit increases and loan top-ups from the comfort of their homes,” the statement said.

According to the Managing Director of the Bank, Julian Opuni, “we have introduced a relief package for existing borrowers who are identified as being affected by the COVID-19 pandemic, thus impacting on ability to meet repayments.”

“The package will include loan repayment postponement and loan restructuring where applicable,” adding that, “we have waived issuance fees on Fidelity Bank Visa cards for the next five weeks, with an additional option for a courier service to deliver cards directly to customers,” he said.

On bank’s support to priority sectors of the economy, Julian Opuni stated, “with immediate effect, Fidelity Bank’s SME & Corporate Clients directly impacted by the prevailing pandemic will receive a relief package. This package will include loan moratoriums and loan restructuring opportunities subject to approval.”

“With our continued partnership with the Dutch Government/SNV to support the WASH sector, all borrowers across the Water, Sanitation and Hygiene (WASH) value-chain will enjoy a concessionary rate of 10 per cent per annum for qualifying loans,” he disclosed.


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