The half-year waiver of mobile payment service charges for local small and medium enterprises (SMEs) by Luso International Banking Limited is among the bank’s seven support measures announced amid the economic downturn.
The seven measures aim to support local SMEs during this challenging economic climate. In addition to waiving handling charges for mobile payment transactions conducted by SMEs, the bank has outlined six other measures.
It will provide consumers with installment plans for credit card repayment, with the hope of boosting consumption.
Additionally, the bank has followed the government’s call to roll out specialized finance plans for SMEs, in addition to simplifying application procedures and lowering charges.
The bank will also extend the repayment period for SMEs and individual debtors, who can repay interest only until the end of 2022.
Specific products will be provided to industries most strongly impacted by the Covid-19 pandemic, such as tourism, catering and the convention and exhibition trades, to support their cash flow.
SMEs in the construction industry will see credit plans available for them to use. According to the Luso Bank, this industry has been seeing delays in completion of work and hence in settlement of accounts.
The bank will also offer specific promotional interest rates to applicants for property or personal loans.