COVID-19 NOTICE OF OPERATIONS

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Due to the ongoing global pandemic – COVID-19, we hereby notify you of the processes we are taking to ensure that we continue to serve our customers and ensure business continuity. 


This takes effect immediately from today 23rd March 2020 till 1st September 2020. We will notify you of any revision or modification of this notice, depending on the escalation or decline in the rate of infections in Nigeria and the reopening of schools in Lagos state.


Kindly note that this is a temporary measure we have taken, as a result of the current school closures to reduce the spread of the virus. 


These concessions do not in any way constitute a waiver of your obligation as contained in the loan agreement signed by you especially default after the concessions given. We have also carefully considered the recommendations and provisions made by the Central Bank of Nigeria as a guide for operations during this period.


Please note the following as conditions for disbursement, renewal and repayment of loans during COVID-19: 


A. Customers with existing loans at EdFin MfB:

a. All school loans with repayments in the months of April, May and June, this year 2020, will be rescheduled with up to 150 days extension to the current prepayment i.e. April 2020 repayments will not become due to repay in September 2020.

 

 b. Customers who wish to pay earlier than the new extended repayment period will enjoy 0.5% off the interest during the COVID-19 period.


c.  Interest rate discounts on the 150 days extension period will only be considered for those who repay their loan installment due on the newly rescheduled dates .


B. New loan application will only be granted for these Loan purpose:

a. Renewal of rent for school premises that has fallen due during this period of school closure.


b. Emergency & safety repairs of school building to comply with any COVID-19 health requirements or other critical safety or health requirements e.g. provision of clean running water etc.


c. Establishing or upgrading of an online/digital platform services by a school to enable at home teaching and learning as a means to continue schools off premises.


d. Loan top-up for existing clients with zero defaults and prompt repayment history at EdFin.


e. No consumer loan will be granted during this period.We hope that these concessions will support you and put your mind at ease during this period and help you to restart school when the worse of this pandemic is over.


 We count on your support as well to ensure the survival of the bank at this trying period. Our thoughts and prayers are with you and your families this period, and we will provide updates on our operations as events unfold.


We wish you and your family safety during this period.


Signed: Bunmi Lawson

For: Management of EdFin Microfinance Bank