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Bunna Alters Lending Rates to COVID-19 Affected Industries

May 23 , 2020

Bunna Bank has made amendments to lighten the economic impact of the Novel Coronavirus (COVID-19) on different businesses and relieve the pressure on borrowers.

The Bank waived the commission fees for the request of loan extensions beginning March 31, 2020, for the duration of two months. Additionally, it made a 0.75 percentage point deduction on customers working in all economic sectors.

For the hotel, tourism and horticulture sectors, the Bank has made an additional deduction of 2.5 percentage points for a period of three months. It has also arranged a system where customers from these sectors can repay both principal and interest loans after a period of three months.

Customers engaged in export have also been made eligible for a decrease of interest rates of up to five percentage points.

The Bank has increased its transaction allowance for mobile banking and ATMs to 30,000 Br and 10,000 Br, respectively.

Bunna Bank previously donated two million Birr to the COVID-19 Resource Mobilisation Committee.

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