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Stanbic Bank Leads With Highest Interest of 44.24% for SME Loans as GCB Offers Lowest Rate of 29.58%

1 year ago
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Stanbic Bank Leads With Highest Interest of 44.24% for SME Loans as GCB Offers Lowest Rate of 29.58%

Stanbic Bank Ghana Limited has emerged as the leading lender to Small and Medium-sized Enterprises (SMEs) over a three-year horizon, charging the highest interest rate among banks, according to the Bank of Ghana’s 2024 report on Annualized Percentage Rates (APRs).

The bank’s APR on three-year loans to SMEs stands at 44.24%, outpacing its peers in the market.

Following closely are Fidelity Bank and Consolidated Bank Ghana, with APRs of 41.60% and 39.30%, respectively, on comparable loan products.

Meanwhile, GCB Bank, Access Bank, and Universal Merchant Bank (UMB) offer the most competitive lending rates to SMEs, with APRs of 29.58%, 30.74%, and 31.18%.

The Bank of Ghana defines APRs as reflecting the true cost of borrowing, incorporating the Ghana Reference Rate, bank-specific risk premiums, and additional fees.

Although the rates provided are indicative, the central bank notes that actual borrowing costs may differ depending on an individual bank’s assessment of a borrower’s creditworthiness.

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These figures provide a crucial benchmark for SMEs navigating Ghana’s lending landscape, as they weigh the cost of financing against the potential for business growth amid a challenging economic environment.

Tags: BOGGCBStanbic BankStanbic Bank Leads With Highest Interest of 44.24% for SME Loans as GCB Offers Lowest Rate of 29.58%

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