Posted on :
2 Jun, 2011
2 Jun, 2011
Ghana Commercial Bank Ltd. started in 1953 as the Bank of the Gold Coast to provide banking services to the emerging nation for socio-economic development.
The Bank was to provide special attention to Ghanaian traders, business people and farmers who could not elicit support from the expatriate banks.
In 1957, when Ghana attained independence, Bank of Ghana was established as the Central Bank while the Bank of the Gold Coast was renamed Ghana Commercial Bank to focus solely on commercial banking services.
Since then GCB branches have been opened across the length and breadth of the nation tapping the potential of the 10 regions that make Ghana.
The Bank had been wholly government owned until 1996 when under the economic recovery programme part of the government ownership was divested. Today government ownership stands at 21.36% while institutional and individual holdings add up to 78.64%.
From the one branch of the 1950s, GCB now has over 150 branches and 11 agencies throughout the country.
GCB abounds in high quality human resource, which stands at 2,101 as at the end of 2009. This is remarkable when one considers that the Bank started with a staff of 27. Currently there are professionals of various disciplines who work in tandem to achieve the objectives of the Bank.
The growth of the Bank has been synonymous with its customer base. During the first five years of the Bank’s operations, our customers were mainly small Ghanaian traders (now termed SMEs) and other nationals who were expected to maintain credit balance accounts because the Bank was then not adequately capitalized. From the small trader as customer, GCB now has a customer profile that ranges from salaried workers through small and medium scale entrepreneurs to large trading concerns, quasi-governmental institutions and corporate customers.
GCB provides a wide range of products and services for the benefit. of its customers. From the traditional products of the Current/Savings Accounts, GCB now offers specialized products and services including Link2Home for Ghanaians resident abroad, doorstep cash collection, loans and overdrafts. There are also investment products like treasury bills as well as fixed and call deposits. These are cut to suit the individual needs of customers.
In addition, GCB has taken advantage of an enhanced information technology system, to introduce Internet Banking (Commernet Plus), Royal Banking, Smart Pay (Fee Payments), Kudi Nkosuo, GCB Inland Express Money Transfer, International Money Remittance Payments, GCB Kidistar Account and MasterCard.
All these have been done to increase profits and enhance shareholder value.
Today we can boast of being the widest networked Bank in Ghana.
Services at A Glance
This is a generic product. It enables customers (enterprises, societies, individuals and corporate bodies among others) transact business and effect payments using cheques. The initial deposit for individuals is GH¢20.00 and for enterprises. GH¢50.00 Balances above GH¢100.00 will attract an interest. To apply the customer completes and submits a standard application form.
The Savings account is usually a fund for future use or against the proverbial “rainy day”. People would open savings account to accumulate funds in a safe place and at the same time generate some earnings. The initial deposit for individual savings account opening is GH¢10.00 with the minimum operating balance set at GH¢5.00. To start earning interest one’s balance should be above GH¢50.00.
To apply the customer fills and submits an application form in addition to two passport-sized photographs. The standard savings account is available to all people. It could be an individual, joint, group or society account.
Trustee Savings is a special savings account for children. This comes in handy for the child’s education and development.
OVERDRAFTS AND LOANS
Customers may need funds over and above what they currently have, either to expand their business or start one. An overdraft facility may be provided in this instance. The following are options available to the customer: OVERDRAFT: The customer is allowed to draw monies to a specific amount with interest charged only on the amount overdrawn.
SHORT TERM LOAN
Monies advanced to customer over a specified period usually 12 months payable by monthly equal instalments.
MEDIUM TERM LOAN
The customer enjoys a facility from the Bank and this is paid back over a three to five year period with negotiable repayment terms.
CONSUMER CREDIT SCHEME
The CCS allows customers who are regular income earners to purchase domestic appliances, communication systems, household furniture, personal computers and electronic gadgets from designated shops. Unlike other credit schemes, where the beneficiary makes a deposit before being considered for the facility, GCB makes the full payment on behalf of its customer to the vendor. The customer then picks up the required gadget while the Bank makes monthly deductions from his/her income. Repayment is between six and 18 months.
This provides customised solutions through Relationship Managers for corporate bodies consisting of large domestic businesses, subsidiaries of multinationals and parastatals.
Source: Ghana Commercial Bank Website