GCB Bank Commiserates with Katamanto Market Fire Victims, Assures Insurance Support For Over 100 Customers
GCB Bank has extended its sympathies to traders affected by the devastating fire that engulfed the Katamanto market in the early hours of Thursday, January 2, 2025. The blaze destroyed numerous shops, reducing goods worth millions of cedis to ashes and leaving traders in despair.
During a visit to the scene of the fire, Sina Kamagate, Executive Head of the Retail Banking Department at GCB Bank, expressed the Bank’s condolences and reiterated its commitment to supporting affected customers.
“We send our deepest sympathies to all affected customers. On behalf of the Board, MD, and the executive management team, we assure them of our support during this challenging time,” Mr Kamagate stated.
Value Added Package to the Rescue
GCB Bank highlighted its Value Added Package, an insurance product tailored for Micro and Small Enterprises (MSEs), which provides coverage for emergencies such as fires and burglaries. Mr Kamagate announced that the Bank would immediately initiate the insurance indemnification process for customers who had subscribed to the package.
“For customers who signed up for the Value Added Package, there is good news. We will begin their insurance claims process to ensure they receive restitution to cushion them during this difficult time. We have so far identified about a hundred customers that have been affected, but the process to identify more customers is still ongoing,” he said.
He also urged customers who have not yet subscribed to the package to consider signing up. The package requires customers to maintain an average daily deposit of GHS 50,000 with the Bank, covering the insurance premium.
Additional Support for Affected Traders
Beyond the insurance, GCB Bank is also offering short-term loans under its Six-Month Short-Term Loan (STL) facility to help affected businesses rebuild.
“For customers with a track record of doing business with us, this is an opportunity to access our short-term loan to help them get back on their feet,” he added.
Commitment to Recovery
The Bank reaffirmed its dedication to supporting businesses and customers in their recovery efforts.
“We have always stood by our customers, and we will continue to help them rebuild and thrive,” Mr Kamagate concluded.
This proactive approach by GCB Bank underscores its commitment to fostering resilience among Ghanaian businesses and strengthening its relationships with customers in challenging times.
