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13.10.2008 Business & Finance

GCB Launches MasterCard

The Minister of State at the Ministry of Finance and Economic Planning, Dr Anthony Akoto Osei, has reiterated the need for Ghanaian companies to strike partnerships and alliances with the global community in order to further open the Ghanaian economy up for growth.

He said such partnerships would enable local companies to acquire the links, capabilities and standards needed for the international market.

Launching the Ghana Commercial Bank Limited (GCB) MasterCard in Accra, Dr Akoto Osei said Ghana stands to benefit most from advanced technology, bigger markets, capital and best practices which would in turn ensure the rapid growth of Ghanaian businesses.

MasterCard International, the partners of GCB, serve more than 25,000 member financial institutions world-wide and provide services in more than 210 countries and territories.


Cards issued by MasterCard are accepted at more than 23 million locations around the globe.

GCB acquired principal status of MasterCard in 2007 to issue and acquire MasterCard branded cards in Ghana.


The Bank will sponsor affiliate members and other institutions to use the MasterCard brand and will be fully responsible for all the transactions of the affiliate.


GCB MasterCards can be used in over 1.8 million ATMs and 7.5 million Point of Sales terminals around the globe.

The Minister said collaboration and partnerships were good for they helped to improve the bottom-line of the partners because the parties took advantage of the strengths and expertise of others to satisfy their clients.

The Managing Director of GCB, Mr Lawrence Adu-Mante, said GCB had begun deepening its portfolio of products and services to meet international standards so that customers could continue to transact business with the bank while abroad.

He said GCB was the first bank in Ghana to be granted MasterCard Principal Status and that the bank had planned the introduction of its international branded card products strategically.

Mr Adu-Mante announced the issuing of debit cards which are targeted at retail customers, GCB Gold Debit MasterCard for high worth customers and GCB Corporate MasterCard for companies, institutions and other businesses.

He said over the next 12 months, GCB would introduce point of sale terminals which would accept MasterCard products, GCB family of MasterCard credit cards, Visa ATM acquiring, which enable GCB ReadyCash ATMs to accept Visa branded cards in addition to MasterCards and GCB Visa Debit and Credit cards.

The Ga Mantse, Nii Tackie Tawiah III, described GCB as a necessary bank that all Ghanaians should do business with.

He said the cost of printing money was exorbitant and that the introduction of electronic banking and products were necessary.

The Board Chairman of GCB, Mr K. G. Osei-Bonsu, said the bank had been keeping pace with modern banking trends.

Mr Jason Coetzee, Vice-President, Account Management of MasterCard Africa, said MasterCard is safer and secure compared with other products.

 The Deputy Governor of the Bank of Ghana (BOG), Mr L. Van Lare Dosoo, announced that the Bank is in the process of introducing code-line cheque truncation to allow for very fast cheque clearing and Automated Clearing House (ACH) for the clearing of electronic debits and credits.

He called on banks operating in the country to use the most current industry standard security technology to ensure absolute privacy of customer information and transaction processing.