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14.06.2021 Business & Finance

Emmanuel Credit Union offer 20% Covid-19 waiver on interest to customers

By Benedict Kweku Nkrumah
Emmanuel Credit Union offer 20% Covid-19 waiver on interest to customers
LISTEN JUN 14, 2021

The Chairman of the Board of Directors of the Emmanuel Co-operative Credit Union Ltd, Mr. Christopher Panford said Emmanuel Co-operative Credit Union partnering Government to cushion Ghanaians in the wake of the Covid-19 pandemic by offering 20% waiver on interest rate on all loans to its customers.

He noted that at the height of the Covid-19 pandemic, the Board of Directors of the Emmanuel Co-operative Credit Union intervened and took several steps to ameliorate the hardship that had visited customers and members of the Union.

This includes distribution of nose masks and hand sanitizers, institution of a moratorium to affected members upon application without penalty interest and 20% waiver of interest incurred over the period of moratorium.

"The Covid-19 pandemic and the lingering effect of the financial sector made the year under review a difficult one but the Board was conservative in its income drive."

Mr. Christopher Panford said this at the 12th Annual General Meeting of the Union held at Agona Swedru.

Under the theme, "Responsible Finance and Growth through Digitalization in the Era of Covid-19," Mr. Panford noted that the Union has embraced digitalization to ensure strict observance of Covid-19 safety protocols, cut operational cost and also enhance efficiency.

"In the wake of the Covid-19 pandemic, we are strictly observing all the Covid-19 safety protocols by reducing human contact. We also made cash contribution Credit Union Association (CUA) support the union's donations to several health institutions and the National Covid-19 Trust Fund.

"Thanks to the Vice President, His Excellency Alhaji Dr. Muhammadu Bawumia, we have embraced digitalization to facilitate our operations across all our branches and offices."

The General Manager of Emmanuel Co-operative Credit Union, Mr Benjamin Essirifie disclosed that the Union was partnering government in its quest to eradicate poverty-related hardship.

According to the General Manager, the Union has extended loans payment for its customers to a maximum of three years to enable them pay freely without stress.

"In the wake of covid-19 pandemic, we have not only given 20% waiver off interest on loans but extended our payment for a maximum of three years. This is to cushion our customers to pay their loans without stress."

The Emmanuel Co-operative Credit Union in its 32 years of service has been able to support groups and individuals with soft loans to relieve them financially."

Mr. Benjamin Essirifie encouraged Ghanaians to cultivate the habit of savings to expand their various businesses.

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