GCB Offers Loans In 24hrs
Ghana Commercial Bank (GCB) is set to revolutionize the banking industry as introduces a new product that offers personal loans in 24 hours to satisfy the needs of customers.
The loan in 24 hours product is aimed at addressing the situation whereby loan applicants have to wait for days and sometimes months to access loans.
Customers of the bank, who have a track record, even stand the chance of obtaining loans in a few minutes.
Launching four new products at the bank's head office which drew the crème de la crème in the banking sector, Simon Dornoo, Managing Director of GCB, explained that since the biggest challenge with loans in the country had to do with high interest rates, the bank aimed at making a difference, adding that it had adopted the reducing balance method.
The reducing balancing method allows customers who have secured loans to pay interest on the reduced balance of the loan, 'so as you pay, what you pay decreases.'
'The customers of GCB will not only benefit from access to loans within 24 hours, they also get the added benefit of a reducing balance payment with a competitive interest rate,' said Mr Dornoo.
To support the initiative, which is the first of its kind in Ghana, he said a good proportion of the bank's loan budget had been allocated to the product which is expected to support the public in pursuit of their personal development needs.
'We believe this major product will not only shape the future of our customers but Ghana as a country,' he said explaining that access to funding would ensure the socio-economic development of the country.
The other three new products being introduced by the bank include GCB internet banking, Mobile banking and GCB Cards and ATMs.
Dr Kofi Wampah, first deputy Governor of the Bank of Ghana (BoG), commended the bank for adopting technology to improve its services.
As technology is helping the banks to reach their customers at their doorsteps by offering more delivery channels, product initiatives, banks would be able to lower cost of operation, he indicated.
Joshua K. Peprah, Director of operations at the National Communications Authority (NCA), who chaired the function, observed that though some of the products might not be new in the banking sector, GCB was harnessing its products by investing in Information Communication Technology (ICT), noting, 'This is the dawn of transformation and new development at GCB.'
Samuel Sarpong, who is in charge of operations at GCB, noted that the new products were expected to make banking easy for customers in all the 157 branches across the country.
By Emelia Ennin Abbey