Adebayo Obajemu

Following in the footsteps of some banks which have already restructured its loan repayments, Sterling Bank Plc disclosed it has introduced some palliative measures for customers to cushion the effects of the government’s lockdown.

Abubakar Suleiman, Chief Executive Officer, who made this in known in a statement, said: “We understand that a lot of businesses have had to shut down their operations to curb the spread of the virus.”

According to him, “This has taken a toll on the employment and source of livelihood for many people. We are offering a range of solutions to help Nigerians manage through temporary or extended periods of reduced or lost income as a result of COVID-19.”

Among the measures taken so far, he said, is the reduction of the restructuring fees on all new and existing loans by up to 50 percent. Also, the bank has made provision for the extension of the repayment of loan obligations that are due.

Suleiman said the bank has also suspended the penal charge for late minimum repayment on customer credit cards during this period.

The CEO said doctors are on standby for free medical consultation on COVID-19 for the bank’s customers and employees anytime, anywhere because their health and safety remained a top priority. He explained that, for 60 days, customers and employees can have 24-hour access to free medicals just by registering for the service.