First Bank, one of the most prestigious banks in Nigeria, has decided to suspend repayments on SME-related loan plans for the next two months.
This has come due to the enforced lockdown brought about by the global COVID-19 pandemic.
This means that the bank has granted a 60-day loan repayment extension to enable businesses cushion the adverse effect of the pandemic. Also, businesses whom their facility has expired or is about to expire, the Bank has granted the same period of extension at no personal cost.
“In light of the global COVID-19 pandemic and in line with our mantra of putting our SME customers first, we have reviewed your loan facility and agreed to effect the following on the facility,” First Bank said in a statement released in the late hours of Wednesday.
The Bank stated that this is one of the many ways of enabling businesses and SMEs get back on their feet after the lockdown. However, terms and conditions do apply.
