GCB launches ‘MSE Group Loans’ to Medium and Small Businesses
Ghana’s largest indigenous Bank, GCB Bank PLC has launched an innovative loan product known as the MSE (Medium and Small Enterprise) Group Loans aimed at offering financial support to businesses within the target group. The product, which was launched in Kumasi last Monday brought together representatives of the Bank, traders and owners of small businesses.
The MSE Group loan which is a first of its kind in the country, offers loans of up to an amount of GHS200,000 to groups of five to ten business owners who come together to access the product at a competitive three percent interest rate.
Speaking at the launch event, Sina Kamagate, Executive Head of Retail Banking Department, GCB Bank, mentioned that the Bank recognizes the critical role MSEs play in the Ghanaian economy and it is for that matter that GCB Bank developed the package to help business owners thrive.
“We have various loan products for our MSE customers but what we have done differently with this product is to encourage the spirit of grouping and collaboration. We know that in the market, there are groupings and so they can put themselves into groups of up to ten and come to us for a group loan. What is good about the group loan is that you get to enjoy several undertakings from the members, with each one looking at each other’s back”, Mr. Kamagate explained.
He also added that the MSE Group Loan would be complemented by the opening of bank accounts for the traders through which they would repay their loans.
According to him, the repayment plan will be determined by the creditworthiness of the group of traders.
The Queen mother of Africa Prints at the Kejetia Market, Nana Yaa Boadu, on behalf of the traders, lauded GCB for continuously bringing out financial products that met the needs of the traders.
“As compared to other financial institutions, the interest rate of GCB’s MSE Group Loans is better than the others. If you sign up for a loan with a high interest rate it is difficult to pay, so this module will help us”, she said.
“Additionally, unlike other financial institutions, we have so much trust in the GCB brand, which is one of our own and we are happy they have come to our doorstep with this package”, she noted.
GCB Bank is a leading player in Ghana’s banking industry with 184 branches, and 340 ATMs complemented by various innovative digital solutions. With the largest branch network in Ghana, GCB Bank is closely associated with hundreds of communities where the Bank not only offers day-to-day financial services but also provides the needed social support.
As Ghana’s premier indigenous bank, GCB has since its establishment in 1953, contributed significantly to helping individuals, SMEs, corporates and institutions to achieve financial well-being and meet their banking needs. The Bank’s relationship with its clients and other stakeholders is delivered on a platform of trust, support and collaboration and anchored through its brand promise, “Your Bank for Life”.
