COVID-19 Support: Amenfiman Rural Bank cuts credit interest rates to cushion clients

Amenfiman Rural Bank Limited at Wasa Akropong in the Wasa Amenfi East District in the Western Region has put together some relief interventions to cushion clients to ease the financial difficulties in this era of COVID-19.

The Bank has announced an interest rates cuts for new customers only, which will comprise commercial interest rate for MSMEs by 200 basis points which is 2% per annum and salaried loans with the exception of smart loans also reduced by 150 basis points also meaning 1.5% per annum.

Cash flow

The CEO of the Bank, Dr Alex Asmah, in an interview, revealed that the board and management identified some business hold ups in the area of cash flow of their clients which has hit the Micro Small and Medium Enterprises, MSME that are the Bank’s core clients.

By this, the Bank has had series of interactions with the Bank’s customers and assessed how the pandemic is negatively impacting on their businesses.

The board and management have realized that there is the need to develop some relieving interventions to support them to cope with the challenges that the pandemic is bringing to their businesses.

The basic difficulties these Micro and Small Medium Enterprises are going through are coming from cash flow challenges. Because of the lockdown, many of them could not get supplies from their suppliers to be able to sell,” he added.

Dr Asmah added that a lot of the products are not selling now because everybody is focusing more on essential commodities around this time.

The Bank has, therefore, designed interventions that will be able to support these affected clients to go through the difficult times and come back strongly keeping their businesses.