As the country continues to grapple with the effects of Covid-19, FDH Bank has given a moratorium to customers with loans and have been negatively affected by the pandemic for a period of three months during which loan installments shall not be collected.

In a statement, FDH Bank Managing Director Dr Ellias Ngalande said the Bank has joined hands with government, financial regulator the Reserve Bank of Malawi (RBM) and Bankers Association of Malawi (BAM) in making sure that customers are cushioned against the economic effects of the pandemic.

“SME and customers who have loan facilities with the Bank and have been negatively affected by Covid-19 will, upon requesting the same from the Bank, be granted a 3 month moratorium during which loan installments shall not be collected and will only resume at the end of the 3 month period,” said Ngalande.

“Similarly, borrowers that have been negatively affected and wish to obtain relief by extending the loan repayment period and revising the loan installments will be considered for the same upon making an application to the Bank through their domicile branch,” added Ngalande.

The bank has also slashed digital banking fees by 40%, according to Ngalande.

“All digital fees have been slashed by 40% to encourage customers to transact digitally as one way of maintaining social distance and avoiding physical visits to the branch,” said Ngalande.

FDH also said they are making sure that their customers are accorded necessary support to ensure their safety.

The Bank is currently running a digital promotion where customers are encouraged to transact by using the bank’s vast digital platforms where they stand to win a brand new car by the end of the promotion.

 

Source: Times (https://www.nyasatimes.com/fdh-bank-offers-loan-repayment-relief-due-to-covid-19-we-are-in-this-together/)

 

Image caption: Dr Ngalande:  FDH Banking making sure customers are accorded necessary support

 

Published on: April 16, 2020