Foremost African financial institution Guaranty Trust Bank plc has put on hold Small and Medium Scale Enterprises, SME’s loans repayment within its banking portfolio.
The decision was taken out of consideration for SMEs, some of whom might be experiencing financial difficulties during this Coronavirus pandemic/lockdown.
In specific terms, the GTbank had assured that the moratorium period will last for ninety days.
While CBN’s guide allows banks for a 1% flat penalty for loan repayments due and not met, the bank has eased the pressure by waving this charge for SME customer loans during this trying period of COVID-19.
The SME to benefit from the the 90-day moratorium include:
Small and Medium-scale Enterprises (SMEs) play critical roles in job creation and economic development. The Bank intervenes in several industries, by strengthening SMEs, through capacity-building and non-profit consumer-driven fairs, that empower selected SMEs with new expertise that increases their economic impact
