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COVID-19: Fidelity Bank Ghana Reduces Interest Rates

Posted by Osei Agyemang

Fidelity Bank Ghana Limited has decreased its interest rates for personal loans for qualifying customers to 17.5%. This decrease will incorporate a further alleviation choice of a most extreme three-month reimbursement holiday.

This initiative which came into force in March 2020 is a part of a measure intended to give quick alleviation and pad their customers on the loose.

The bank partnered with Ghana’s Association of Bankers’ fee waiver declarations and as such waived all interbank transfer fees on their digital platforms and mobile wallet transaction fees for transactions of GH¢100 and below.

Fidelity Bank also acquainted an enhanced offering with clients on the Fidelity Mobile App, which presently empowers clients to apply for salary advances, overdraft limit increments and credit top-ups from the solace of their homes.

The bank additionally introduced a relief bundle for existing borrowers who are distinguished as being affected by the COVID-19 pandemic, in this manner affecting on the capacity to meet reimbursements.

The package will include loan repayment postponement and loan restructuring where applicable. The institution also waived issuance fees on Fidelity Bank Visa cards with an additional option for a courier service to deliver cards directly to customers.

Also, the Bank has collaborated with the Dutch Government/SNV to help the WASH division. All borrowers over the Water, Sanitation and Hygiene (WASH) esteem chain will appreciate a concessionary pace of 10% per annum for qualifying loans.

Fidelity Bank will however, grow its organization subsidizing programme with the Medical Credit Fund intended to help the human services part by offering a concessionary financing rate decrease.

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