Standard Chartered Bank Grants Payment Holidays to Customers
By our reporter,
The Bank provides COVID19 Relief measures to clients with Business, Personal, Mortgage and Credit Card Loans
Standard Chartered bank has announced payment holidays for its customers on loans, stating that it has positioned itself to assist its clients navigate tough times through the implementation of several measures to provide relief.
This is as part of measures to cushion the economic effects of global coronavirus pandemic on its customers, including in Nigeria.
In a statement on Friday, “The bank said the move was, ‘Stemming from our commitment to be socially responsible and client focused at all times.’
“The Board and Management of Standard Chartered PLC, alongside all our 84,000 colleagues remain committed to supporting our clients in the communities in which we operate, both through the current pandemic crisis and the longer-term support and renewal phase.”
“We have put these measures to ease the financial pressure on our clients, through the provision of temporary relief on the following financial obligations.
1. A 3-Month Payment Holiday on Personal Loans and Retail Mortgages (including Business Mortgages)
2. Credit Cards: Clients who currently pay the total amount due on their credit card monthly, can now request to change this to a monthly payment of the minimum amount that is due on the card which is 1% of the outstanding balance plus interest (subject to a minimum of NGN5,000).
The Bank will also provide a 3-Month Payment Holiday on other Retail Business Loans.
“On the 9th of April, globally we announced the first set of measures we would provide as an immediate support response to clients; reiterating our commitment to providing timely strategic support across our footprints to colleagues, communities and our clients.
“These include a US$1 billion of financing for companies that provide goods and services to help the fight against Covid-19, and those planning the switch into making products that are in high demand to fight the global pandemic. We are seeing high demand for funding and have already approved over US$75m of facilities in the first week.”
Speaking on relief measures put in place in Nigeria by the bank in view of the global pandemic, Lamin Manjang, the bank’s CEO said, ‘We have put in place this comprehensive support scheme for retail and business customers, which covers loan repayment holidays. We have done this because our relationship with clients is built on trust and commitment.’
“Our customers have trusted us to grow their investments over the years and for us providing the financial relief is just one of the many ways we continue to reiterate our dedication to them that we are truly here for good.” he noted.
