Central Bank Governor commends GCB Bank’s role in national financial inclusion drive
The Central Bank Governor, Dr. Ernest Addison, has lauded GCB Bank for its instrumental role in advancing the national agenda of financial inclusion, speaking at the GCB Bank Platinum Thought Leadership Conference.
Acknowledging GCB’s extensive branch network and commitment to delivering tailored financial solutions and exceptional customer service, Dr. Addison expressed confidence in the bank’s ability to continue pioneering change within Ghana and beyond.
“Since inception in the 1950s, with a single location, GCB Bank has expanded its footprint and reaffirmed its commitment to financial inclusion by opening over 150 branches and 11 agencies, making it the bank with the widest branch network spread across all 16 regions of Ghana.
“By bringing its services to new and remote areas, GCB has made access to financial services possible for many. Additionally, GCB has capitalized on the digital finance evolution, becoming the first bank in Ghana to launch a bank-led mobile money service (G-Money) which currently serves more than 2.7 million customers,” remarked the Governor.
Under the theme ’70 years of Providing Unrivalled Financial Solutions in the Socio-economic Development of Ghana’, the conference celebrated GCB’s contributions to the nation’s economic landscape. Dr. Addison underscored GCB Bank’s pivotal position in financial intermediation, citing its substantial share of gross loans and its facilitation of Ghana’s international trade through various financial instruments.
Highlighting a significant milestone, Dr. Addison commended GCB Bank’s execution of Ghana’s inaugural successful Pan-African Payment and Settlement System (PAPSS) client transaction. PAPSS has since expanded its reach across the continent, signing agreements with numerous commercial banks and central banks.
“Through consistency and resilience, GCB Bank’s most significant recent contributions to the country’s development agenda include; contributing positively to promoting financial intermediation as the second largest bank in credit extension (10.7% share of gross loans as at end-December 2023), and serving as a key facilitator of Ghana’s international trade, with dealings in letters of credit, financing medium-term loans, forward contracts, and export credit guarantee lines, among others,” he quipped.
Adding that recent accolades from Moody’s, Fitch, and Standard & Poor’s, as well as the Association for Certified Compliance Professionals in Africa (ACCPA), further affirm GCB Bank’s dedication to excellence and industry leadership.
In his remarks, Managing Director-GCB Bank, Kofi Adomakoh, emphasized the bank’s pivotal role in Ghana’s banking sector and its commitment to resilience, growth, and community support.
“The bank has achieved many successes and also encountered challenges, but it has shown resilience and always recovered. We seek to show more of that resilience in our ability to support our customers to grow, expand their businesses, and support the communities in which we operate.
“Partnerships and engagements through discussions of this type will help shape our strategies for the future and provide economic literature for various stakeholders. Our focus on digital transformation, customer experience, risk management, investment in our human resources and ESG will spearhead our growth as a bank,” Mr. Adomakoh noted.
The conference served as a platform to discuss critical issues surrounding ethics, financial conduct, inclusion, and the reinvention of finance in Africa, with a particular focus on digital innovation as a growth catalyst, especially in challenging times like the pandemic.
