FINANCIAL INSTITUTIONS TO PROVIDE RELIEF TO CUSTOMERS AMID COVID-19

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Bank of Guyana encouraged local financial institutions to offer relief to customers due to the economic and financial consequence of COVID-19.

Some of the recommendations include reduced interest rates on loans and credit cards, deferred loan payment loans, waived or reduced fees for banking transactions and reduced in-person transactions.

The Bank of Nova Scotia (Scotia Bank) and Guyana Telephone and Telegraph Company are facilitating delayed bill payments.

Consideration is also being given to those persons who would have been quarantined.

Scotia Bank had announced that from March 23, 2020, they will offer assistance to customers who have been impacted by COVID-19.  Their loan payments can be deferred for six months – with an initial period of three months with the possibility of extension for a further three months.

According to a release issued by the bank, the deferment period covers loan payments including mortgages, auto loans, personal loans, credit cards and lines of credit.

Meanwhile, GTT has been proactive in promoting social distancing.

GTT’s Public Relations and Corporate Communications Manager, Jasmin Harris, stated that the company’s retail outlets will be open, however, to ensure the safety of customers and employees, there will be a reduction in work hours; 8 am to 1 pm on weekdays.

Also, an additional 230 Mobile Money agents have come on board to provide this service to GTT customers all across the country and ensure the process of bill payment is made more convenient.

As of April 17, 2020, the new bill payment deadline will be the seventeenth day of every month.

DPI

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