Understanding that the coronavirus outbreak in the country has negatively affected customers, FDH Bank has considered a period of three months during which loan installments shall not be collected.

A statement signed by FDH Bank Managing Director Dr Ellias Ngalande, says SMEs and customers who have loan facilities with the Bank and have been negatively affected by Covid-19 will 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. “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,” says part of the statement.

The development has been attributed to an agreement with the government, 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.

Also considering the pandemic and the lock down, the bank has announced that 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.