GCB Bank reduces interest on personal loans among other incentives

Photo: John Kofi Adomakoh

GCB Bank has further reduced its interest rates on personal loans to 23 percent per annum, in line with measures to mitigate the impact of COVID-19 on clients.

As part of the measures, the bank has also granted a two-month moratorium on both principal and interest repayment, and increased loan tenor to five (5) years.

The bank has also reduced total up-front fees and introduced a waiver on early settlement fees for top-ups.

This follows a similar move last year when the bank reduced its interest rate from 26 to 24 percent interest per annum.

Over the past year, GCB Bank has undertaken various initiatives to alleviate the impact of COVID-19 on customers.

Commenting at the bank’s 27th AGM held virtually on Friday 28th May 2021, Board Chairman Mr. Jude Arthur stated that the bank engaged its customers and identified those in the hardest hit sectors of the economy, and then supported them with concessionary rates and a moratorium on principal and interest for loan facilities.

As a result, the bank restructured loans totalling GH¢799.92million to 130 corporate and SME customers. The bank also invested in Personal Protective Equipment (PPE) and broader COVID-19 protocols to ensure the health and safety of clients and employees.

Commenting on the initiative, the Managing Director of GCB Bank, Kofi Adomakoh, stated that the bank is conscious of the difficult economic climate and is focused on going the extra mile to help clients navigate this difficult period seamlessly, by providing direct intervention under very flexible conditions.

“As Ghana’s largest indigenous bank, we have the mandate to seek the interest and well-being of Ghanaians and be at the forefront of Ghana’s socio-economic drive,” he added.

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