First Bank of Nigeria has granted a moratorium on loan repayment for Small and Medium Enterprises following the extension of the COVID-19 lockdown period.
The bank in a mail to its customers stated that the extended COVID-19 lockdown in some states is a time to double down on efforts to see how it can ease the impact the lockdown may have on its customers.
“We have therefore enhanced palliative measures as we ask ourselves how can we help you through these times. We are introducing special waivers on repayment fees on our credit cards; and a 60-day loan moratorium on our First Edu and First Trader Solution for example. Our aim with the range of solutions is to help cushion the impact of the toll on employment and livelihoods,” it said.
The FirstEdu loan is available to private schools’ owners who require extra funds for the smooth running of their school operations
The First Trader Solution, on the other hand, is a short-term overdraft facility offered to traders in pre-approved market locations who deal in fast-moving goods.
The bank assured it would continue to work to provide essential banking services throughout various alternative channels.