Stanbic writes off Kantamanto traders' debt

Stanbic Bank Ghana has written off the debts of about 14 of its customers who were among the scores of traders whose items got destroyed by fire at the Kantamanto market a few weeks ago.

In addition, the Bank has donated Ghc 1,000 to the Traders to help them recover from the disaster.

Stanbic Ghana said the donation and cancellation of the traders’ debt form part of its commitment to providing affordable, low-risk and unique products for Small and Medium Scale Enterprises.

Its Managing Director, Alhassan Andani told XYZ BUSINESS that the Bank’s SME facility was created to absorb risks such as the Kantamanto fire disaster.

Mr Andani added that his outfit will continue to have a sustainable relationship with its clients.

“It is an embedded product. We try to explain that to our client that if something is to happen to you untowardly, we will write off your debts….. We have to pay the insurance premium and that is what motivated us to do this’’, Mr. Andani explained.

The traders belonged to the Ghana Union Traders Association (GUTA).