Standard Chartered Customers Get Moratorium on Loan, Mortgage Payments

By Adedapo Adesanya

Leading financial services and investment company, Standard Chartered Plc, has introduced a three-month payment holiday on personal loans and retail mortgages to support clients during the current pandemic crisis in Nigeria.

The decision, which was reached by the board and management team of the company, noted that it has positioned itself to help clients through the implementation of several measures to provide relief, one of which is the moratorium on loan payments.

The bank, in a statement released over the weekend, stated that “stemming from our commitment to be socially responsible and client focused at all times, we have put these measures to ease the financial pressure on our clients, through the provision of temporary relief on the following financial obligations.”

The three month long moratorium on loan payments will see holidays on personal loans and retail mortgages, including business mortgages.

The bank also provided a three payment holiday on other retail business loans.

In addition to these, Standard Chartered also extended its relief efforts to its customers’ credit cards.

According to the bank, clients who 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 one percent of the outstanding balance plus interest. This is subject to a minimum of N5,000.

Speaking on the relief measures in Nigeria, the bank’s CEO, Mr Lamin Manjang, 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 added.

This is in a long line of approaches that the bank has taken in alleviating effects of the pandemic on its trusted clients and stakeholders.

Earlier this month, the bank announced the first set of measures to provide timely strategic support to colleagues, communities and our clients.

These include $1 billion of financing for companies that provide goods and services to help the fight against COVID-19.

The company stated that those planning the switch into making products that are in high demand to fight the global pandemic were not exempted.

It also added that due to high demand for funding, its management has already approved over $75 million of facilities since then.