GCB ranked safest bank by Fitch, Moody’s and S&P; most compliant by ACCPA
According to the Governor of the Bank of Ghana, Dr Ernest Addison, GCB Bank is rated Ghana’s safest bank by Moody’s, Fitch, Standard & Poor’s, and the most compliant Bank in Africa by the Association for Certified Compliance Professionals in Africa (ACCPA).
Additionally, the bank’s commitment to cybersecurity is evident with the establishment of its Security Operations Centre (SOC), a pioneering move that earned GCB Bank full membership in the Forum for Incident Response and Security Teams (FIRST). The bank has also secured the ISO 27001 and PCI-DSS certifications, highlighting its dedication to safeguarding customer data and information.
In an address read on behalf of the Governor by the First Deputy Governor of the BoG, Dr Maxwell Opoku-Afari, during the grand launch of the bank’s 70th Anniversary Celebration, Dr Addison commended GCB Bank’s robustness, citing an impressive Capital Adequacy Ratio (CAR) of 17.0 percent as of May 2023. This figure far surpasses the regulatory prudential minimum of 10.0 percent and outshines the industry’s average of 14.6 percent.
GCB Bank’s prowess in lending is equally noteworthy, accounting for 10.4 percent of loans and advances in Ghana’s economy by end-May 2023, making it the second-largest issuer to both public and private sectors. Notably, the bank leads the pack in household lending, commanding an impressive 18.6 percent share of total household loans granted by the banking industry.
Furthermore, GCB Bank plays a pivotal role in supporting the government and fostering economic growth. The bank’s 12.1 percent share of the industry’s total net investment in government securities by end-May 2023 underscores its commitment to contributing to the nation’s development.
Innovation lies at the heart of GCB Bank’s success story, with the bank pioneering Ghana’s first bank-led mobile money service, G-Money. This transformative platform, serving over 2.7 million customers with seamless money transfers and bill payments, exemplifies the bank’s dedication to enhancing financial inclusion and convenience.
Beyond national borders, GCB Bank demonstrated its pan-African vision by successfully completing the first Pan-African Payment and Settlement System (PAPSS) client transaction in Ghana. This milestone further cements the bank’s vital role in promoting cross-border trade within the framework of the African Continental Free Trade Area (AfCFTA).
In light of the bank’s ambitious growth agenda, shareholders have voted in favor of raising additional capital of GHȼ1.0 billion. This strategic move not only fortifies GCB Bank’s capital adequacy ratio but also positions it to capitalize on emerging opportunities and accelerate digital transformation initiatives to drive business growth.
As the economic landscape evolves, Dr. Ernest Addison expressed unwavering confidence in GCB Bank’s ability to overcome challenges.
“I believe GCB Bank will surmount all the emerging economic and financial challenges, given the collaboration between the regulator, on the one hand, and directors and shareholders of GCB Bank, on the other hand. On this note, I extend my warm felicitations to the Board, Management and Staff of GCB Bank on your 70th Anniversary celebrations. I wish you all joyous celebrations!,” he remarked.
