Dalex Finance Announces Zero percent Interest Rate on Loans for Three Months

Dalex Finance Announces Zero percent Interest Rate on Loans for Three Months

Dalex Finance has announced a zero percent interest rate on DalexSwift loans for three months as part of measures to relieve Ghanaians of the devastating effects of the coronavirus outbreak.

This was announced by the Chief Executive Officer of the Dalex Finance, Ken Thompson.

According to the CEO, the new offer will reduce the challenge that Dalex clients will face during the period of the coronavirus pandemic.

Speaking in an interview, Mr. Thompson urged other financial institutions to roll out offers to help mitigate the impact of the virus on Ghanaians and businesses.

“For us at Dalex finance we recognize that the prime concern of our customers is for the assistance and well-being and as good corporate citizens we think that it is important that we bring relevant systems at the time they need us most, this is the time our customers need us most. This loan was charged at 24% per annum but is now at zero percent for the next three months,” he said.

 

He added that “DalexSwift makes it easy and convenient for its clients to build an investment though periodic contributions over the mobile phone. The minimum contribution is one cedi. The client’s phone number is their account number and the investment earns an attractive compound interest rate higher than the Treasury Bill rate.”

It can be recalled that the Bank of Ghana directed all financial institutions operating in the country to take adequate steps to help curtail the spread of the coronavirus COVID-19.

Currently, Ghana has already recorded 287 COVID-19 cases with five deaths and three recoveries.

What measures have other financial institutions taken to contain COVID-19?

Following the outbreak of the coronavirus, the Bank of Ghana has taken bold measures to ensure that banks and other Specialised Deposit-Taking Institutions (SDIs) make enough credit available to critical sectors of the economy and businesses.

The central bank has reduced the Primary Reserve Requirement from 10 percent to 8 percent to provide more liquidity to banks and Specialized Deposit-Taking Institutions; and reduction of the Capital Conservation Buffer (CCB) for banks from 3 percent to 1.5 percent.

Other measures include the reduction of provisions for loans in the ‘Other Loans Especially Mentioned’ (OLEM) category from 10 percent to 5 percent for all banks and SDIs.

Fidelity Bank Ghana Limited has also reduced interest rates on personal loans for qualifying customers to 17.5% with a relief option of a maximum three-month repayment holiday to customers.

Also, the bank has waived all interbank transfer fees on their digital platforms and mobile wallet transaction fees for transactions of GHS100 and below. Through its mobile app, customers are allowed to apply for salary advances, increased overdraft limit and loan top-ups all in the efforts to reduce the impact of the virus.

The Ghana Commercial Bank updated its tariff guide and wallet limit in accordance with a directive issued by the Monetary Policy Committee of the Bank of Ghana on March 18, 2020.

The special updated tariff will allow G-Money customers to send up to GH¢100 for free (excluding cash out)

“Customers will now pay as low as 50 pesewas to transact between GH¢100.01 and GH¢999.99 within the G-Money network. Transactions of GH¢1000 and above from one G-Money account to another has also been reduced to GHc1.00,” the statement said.

The Ghana Commercial Bank has also donated GHS100, 000 to the Health Ministry in support of the government’s fight to relieve Ghanaians of the impact of the virus.