Interest Rate Cut Leads Lion Bank to Forgo 21m Br

May 23 , 2020


Interest Rate Cut Leads Lion Bank to Forgo 21m Br

Lion International Bank has forgone 21 million Br in revenue after cutting lending interest rates and waiving commission fees to alleviate the financial burden on its customers. The Bank has decreased its lending interest rates for particularly hard hit sectors like the export, hotel and tourism, agriculture, inter-country trade, transport and construction industries. Additionally, it is providing loan merging and extensions from three to sixth months. The Bank has taken these measures and increased transaction and cash withdrawal limits to minimise the number of customers who have to travel to its branches. The waived fees will include those levied on loan repayment requests, letters of credit (LC) and cash against document (CAD) extension requests, as well as ATM transactions. The Bank, through its mobile and internet banking system, has increased the daily limit on transactions to 15,000 Br and 50,000 Br for ATM and Point of Sale terminals (PoS), respectively. The limit on mobile banking has been increased to 85,000 Br. The limit on online banking transactions for customers and businesses has been increased to 100,000 Br and half a million Birr, respectively.


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