Stanbic Bank has written off the outstanding loans of 14 customers who were affected by the Kantamanto Fire, which occurred on May 5.
The 14 customers were presented with their letters cancelling their indebtedness at a short ceremony in Accra.
The customers, who had signed on the Stanbic SME Quick Loans product, are covered by an insurance component of 0.756 per cent of the loan value that caters for misfortunes such as flood, fire, disability and death.
Meanwhile, Stanbic has also made a donation of GHC1,000 each to the 14 traders for their upkeep.
Mr Alhassan Andani, Chief Executive of Stanbic Bank, said the bank’s support is aimed at alleviating the plight of the traders in such trying period of their lives.
He said the bank remained committed to helping customers in trying times through credit facilities in support of their businesses.
The SME Quick Loan is an unsecured lending product that has no collateral and the first of its kind on the Ghanaian markets.
Over 5000 traders all over the country have benefited from the product since it was launched in March 2012.
The Minister of Trade and Industry, Hon Haruna Iddrisu, lauded Stanbic Bank’s initiative and called on the traders to take insurance products since there was advantage in the pooling of risks.
He urged the Ghana Union of Traders Association to collaborate with government in finding a lasting solution to market developments.
A beneficiary, Bright Kwarteng Amening, expressed gratitude to the management of the bank and said the assistance would help in cushioning him. GNA