Wema Bank Plc suspends loan repayment for SMEs
Wema Bank said it has suspended loans repayment for small and medium scale enterprises due to impact of temporary lockdown on businesses.
The Bank made this known in a tweet on Friday through its official twitter handle @wemabank.
In the tweet, the bank said due to COVID-19 pandemic which has led to temporary close of businesses and schools for safety reason, it has suspended loan repayment.
However, the moratorium for recognised SME transactions start with effect from April 1, 2020.
According to Wema bank, this covers business support facility and education loans.
It explained that transactions like business support facility has been extended for 90 days and schools have been given 150 days.
The time range of April to June for was given to business support transactions while schools loans attract 150 days starts from April to August, 2020.
Wema Bank Plc suspends loan repayment for SMEs
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