16th December 2021
Dear Esteemed Customers,
In light of the COVID-19 pandemic effect on the ability by schools and Churches to service their loan obligations, Centenary Bank will be implementing the following concessionary measures in order to reduce their debt burden:
1. Reduction of Year to Date interest collected/accrued by 30% for those clients who would like to fully pay up in advance. The above shall only apply where the funds for such pay off are from the client’s own sources, and NOT refinance by the bank.
2. Reduction of interest rates for those clients who may not pay up in full as follows:
(i) Reduction of interest by 2% for those credit facilities/ loans that were in the performing /watch category as at first lock down i.e. 30th March 2020
(ii) Reduction of interest by 1% for those credit facilities/ loans that were in the nonperforming category as at first lock down i.e. 30th March 2020
3. Stopped capitalizing interest accrued at the time of restructuring loans. Interest accrued shall be paid on maturity of the facility as the last installment.
4. No penalties for late payment of credit/loan facilities
5. No early redemption fees will be charged for early repayment.
· Reduction of interest rates shall be effective 1st November 2021
· The above concessions shall expire on the 31st December 2022
For further inquiry, you may reach us via firstname.lastname@example.org OR call toll free lines 0800200555 (MTN) and 0800335344 (Airtel)