Ghana’s first indigenous bank, 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.
The bank extended the loan term to five (5) years and offered a two-month deferment on principal and interest repayment as part of the measures. The bank has also waived early settlement costs for top-ups and lowered overall upfront fees. This comes after the bank made a similar adjustment to its interest rate last year, cutting it from 26% to 24% annually.
GCB Bank has implemented several measures in the last year to mitigate the effects of COVID-19 on its clientele.
The bank’s board chairman, Mr. Jude Arthur, made remarks during the virtual 27th Annual General Meeting (AGM) on Friday, May 28, 2021. He said the bank engaged customers, identified those in the most affected economic sectors, and supported them with concessionary rates and a moratorium on principal and interest on loan facilities.
Consequently, the bank restructured loans to 130 corporate and SME clients, totaling GHS 799.92 million. To protect the health and safety of customers and staff, the bank additionally made investments in personal protective equipment (PPE) and more comprehensive COVID-19 procedures.
Kofi Adomakoh, the Managing Director of GCB Bank, commented on the initiative and said that the bank is aware of the challenging economic environment and is committed to going above and beyond to help clients get through this challenging time with ease by offering direct intervention under very flexible conditions.
He continued, “We have a mandate to look out for the interests and well-being of Ghanaians and to be at the forefront of Ghana’s socio-economic drive as the country’s largest indigenous bank.”
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