Nasser Social Bank (NSB) decided on Tuesday to join the Central Bank of Egypt (CBE) initiative to postpone the collection of credit dues on individuals and institutions for six months, in light of the precautionary measures taken by the state to cushion the effects of the coronavirus outbreak.
Vice Chairperson and CEO of NSB Sharif Farouk denied what was reported about the bank not adhering to the CBE instructions due to his affiliation to the Ministry of Social Solidarity, noting that the bank coordinates with the CBE in this regard.
He stressed that the bank’s main role is to take care of state employees and families in need, as it is primarily responsible for providing aid for low-income people being one of the leading social banks.
Farouk stressed that the decision applies to all clients, whether regular or irregular, and the rate of interest on loans is calculated based on what is mentioned in the contract before the instructions were issued, provided that customers will be informed of the additional charges resulting from increasing the loan period.
In case the customer did not want to bear the additional charges, the bank must comply with the customer’s request.