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Sterling Bank introduces palliatives, restructures loans repayment

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Sterling Bank Plc says it has introduced some palliative measures for customers to cushion the adverse effects of the government- ordered lockdown in some parts of the country to contain COVID-19 spread.

In a statement, the Chief Executive Officer of the bank, Mr Abubakar Suleiman, said, the bank had reduced the restructuring fees on all new and existing loans by up to 50 per cent.

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He stated that it had made provision for the extension of the repayment of loan obligations that were due.

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

He said, “We understand that a lot of businesses have had to shut down their operations to curb the spread of the virus.

 “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.”

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 The chief executive officers said doctors were 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.

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He explained that, for 60 days, customers and employees could have 24-hour access to free medicals just by registering for the service.

The chief executive officer added that customers of the bank who signed on to its affordable health insurance scheme would access qualitative medical cover worth N500,000.

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