GCB, Ghana’s largest bank, as part of measures to ameliorate the sufferings of its customers from the ravaging effects of the COVID-19, has advanced in excess of GH¢156.1million in personal loans to over 9,000 customers. The enhanced loan product was aggressively offered during the peak of the pandemic to provide financial support for households and businesses, and has been described as a ‘saviour’.
Due to the protracted effects of the COVID-19 pandemic, the personal loan product has been further enhanced for the benefit of customers. GCB Bank has announced a reduction in interest rates on its loan products, granted a two-month moratorium on both principal and interest repayment, and increased loan tenor to five (5) years. Additionally, the bank has also reduced up-front fees and waived early settlement fees for loan top-ups.
At the Bank’s 27th Annual General Meeting held on 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, then supported them with concessionary rates and a moratorium on principal and interest on 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 interventions to ensure the health and safety of clients and employees.
Commenting on the COVID-19 initiatives implemented by GCB, Managing Director Kofi Adomakoh stated that the bank is conscious of the difficult economic climate and is focused on going the extra mile to help clients seamlessly navigate this difficult period by providing direct intervention under very flexible conditions.
“As Ghana’s largest indigenous bank, we have the mandate to seek the interests and well-being of Ghanaians and to be at the forefront of Ghana’s socio-economic drive,” he added.