Amenfiman Rural Bank rollouts credit relief package for Adum fire victims

The Bank has allocated GH₵35 million in loans. These working capital loans will help over 300 customers. They lost their shops due to a recent fire incident.

Dr. Alexander Asmah, CEO of Amenfiman Rural Bank, announced the news. He stated that interest rates on these loans have been reduced by 400 basis points. This is a four percent reduction from the standard rate.

Beneficiaries will also receive a three-month moratorium period. This aims to ease their financial burden after the disaster.

During his visit last Thursday, Dr. Asmah addressed the affected traders. He explained that bank officials spoke with over 300 customers to assess their needs. The support provided is tailored to each victim's unique challenges.

Some victims needed immediate financial help, while others required assistance with new shops or trade agreements. Dr. Asmah emphasized that solutions are not one-size-fits-all.

The relief package is available for all victims, not just existing customers. Those who were not previously banking with Amenfiman can also access similar terms.

To assist applicants, the Bank has set up a dedicated help desk at its Adum branch. This ensures efficient processing and personalized support for those in need.

Regarding stock losses, Dr. Asmah noted many traders had stock insurance through the Bank’s loan program. The Bank is working with insurance companies to process claims for these victims.

He encouraged all traders to secure insurance for future protection, regardless of stock value. Currently, over 100 of the 318 affected customers had stock insurance coverage.

Joseph Bobie Ansah, Chairman of the United Traders Association, expressed gratitude on behalf of affected traders. Many other traders shared their joy and appreciation for the Bank’s interventions during this difficult time.