Basic
InformationGCB Bank Limited is the largest local commercial bank in Ghana and is known for its deep local roots and extensive service network. It is not a state-owned bank or a joint venture, but a publicly listed commercial bank with both government and private shareholder backgrounds. Since its establishment in 1953, GCB has positioned itself as a "Ghanaian's own bank" and is committed to providing comprehensive financial services to individuals, businesses and the public sector. With its leading position in Ghana's banking sector, GCB is known as the "friendliest bank in Africa" and is committed to being close to customer needs and driving economic development.
Full name and background
: GCB Bank Limited (formerly known as Ghana Commercial Bank).
Founded: Originally known as Bank of the Gold Coast in 1953, it was renamed Ghana Commercial Bank after Ghana's independence in 1957, and officially changed its name to GCB Bank Limited in 2013.
Headquarters location: Accra, the capital of Ghana, at GCB Bank Building, Thorpe Road, High Street.
Shareholder Background: GCB is a public company whose shares are listed on the Ghana Stock Exchange under the symbol GCB. The Government of Ghana holds 21.4% of the shares, with the remaining 78.6% held by institutional and private investors, with a total of about 21 major shareholders. When it was first listed in 1996, the government held 51.17% of the shares, and then gradually reduced its holdings, reflecting the privatization process.
Background Overview: GCB is the largest bank in Ghana in terms of asset size and deposit market share, with total assets of approximately 9.7 billion GHDS as of 2018, accounting for 14.2% of the industry's deposits. Its historic mission is to provide financial support to local businesses and individuals in Ghana, particularly in the fields of agriculture, trade and small and medium-sized enterprises.
Coverage area
: GCB mainly serves the domestic market of Ghana, and its business is concentrated in 10 administrative regions of Ghana, and there is no significant global business layout for the time being.
Number of offline branches: As of 2023, GCB has 185 branches, covering major cities and towns in Ghana, making it one of the banks with the most outlets in Ghana.
ATM Distribution: GCB operates more than 340 ATMs, making it the largest ATM network in Ghana with 24/7 cash deposits and withdrawals and account inquiries across major parts of the country. The wide distribution of outlets and ATMs makes it highly accessible in both rural and urban areas.
Regulatory & Compliance
Regulators: GCBs are under the direct supervision of the Bank of Ghana and are subject to Ghana's banking laws and financial regulatory framework.
Deposit Insurance: Ghana does not currently have a mandatory national deposit insurance scheme, but GCB provides a high level of trust to depositors through a robust capital structure and government background.
Recent Compliance Record: GCB has been ranked as the safest bank in Ghana by international rating agencies such as Moody's, Fitch, Standard & Poor's, and one of the most compliant banks in Africa by the African Association of Certified Compliance Professionals (ACCPA). In 2017, GCB successfully completed the acquisition of deposits and certain assets of UT Bank and Capital Bank, demonstrating its robust ability to operate under the regulatory framework. No material compliance violations recorded.
Financial health
capital adequacy ratio: As of 2023, GCB's capital adequacy ratio is about 15%, well above the 10% required by the Central Bank of Ghana, indicating that it is more resilient to risks.
Non-performing loan ratio: The non-performing loan ratio (NPL) is controlled at around 5%, which is better than the industry average, reflecting the high quality of its loan portfolio.
Liquidity Coverage Ratio: GCB's liquidity coverage ratio (LCR) is approximately 120%, which is higher than the regulatory requirement of 100%, indicating that its ability to respond to short-term liquidity needs is adequate.
Summary: GCB is in a strong financial position with excellent performance in both capital and liquidity indicators, making it suitable for clients looking for a stable bank.
Deposits & LoansDeposit
Class:
current account: the minimum account opening amount is 10 Ghana Sedi, and the balance is more than 50 Ghana Sedi can earn interest (the annualized interest rate is about 3-5%, depending on market fluctuations).
Time Deposits: Time deposit products from 3 months to 5 years are available, with an annualized interest rate ranging from 7-10%, depending on the deposit term and amount.
High Yield Savings Account: GCB's "Golden Eagle Unit Trust" is a high-yield investment product for individual and institutional investors with a daily valuation and higher yield than traditional savings accounts.
Certificates of Deposit: There is no explicit Certificate of Deposit (CD) product, but GCB Capital Limited offers similar long-term investment vehicles.
Loans:
Mortgages: GCB offers residential mortgages with interest rates of about 15-20% (floating or fixed) for a period of up to 15 years, with a property guarantee and proof of stable income.
Car loans: Car loans have an interest rate of about 18-22% and a term of 3-5 years, which is suitable for new and used car purchases.
Personal Line of Credit: The Consumer Credit Scheme allows customers to purchase home appliances, furniture, etc., and the bank pays the full amount on behalf of the customer, and the customer repays it in 6-18 months, with an interest rate of about 20%.
Flexible repayment options: Some of GCB's loan products allow you to negotiate repayment terms and early repayment without penalty, especially for SME loans.
List of common expenses
account management fee: The monthly fee for an ordinary current account is about 5-10 Ghana Sedi, and the high-end account may be higher; There are no monthly fees for savings accounts.
Transfer fees: Free for domestic transfers or as low as 2 ghanaian seids, cross-border transfers (e.g. SWIFT) cost around $20-50, depending on the amount.
Overdraft fees: Overdraft rates are around 25-30% per annum, and the exact fees vary depending on the account type.
ATM inter-bank withdrawal fee: It is free of charge to use GCB's own ATM, and the inter-bank ATM withdrawal is about 2-5 Ghana Sedi each time.
Hidden Fee Alert: Savings accounts need to maintain a minimum balance of 5 ghanaian seid, otherwise you may face a penalty; Some accounts may be subject to additional fees for not reaching the minimum transaction frequency, and clients are advised to check the status of their accounts regularly.
Digital Service Experience
APP & Online Banking:
GCB's mobile banking app and online banking platform support functions such as account inquiry, transfer, and bill payment.
User ratings: The App Store and Google Play have a rating of around 4.0/5 (based on 2023 data), with users reporting a user-friendly interface with occasional lag.
Core functions: support face recognition login, real-time P2P transfer, bill management (such as utility bill payment), investment tools (such as Golden Eagle Unit Trust tracking).
Technological innovation:G-Money: Launched in 2020, GCB is the first telecommunications-agnostic mobile payment platform in Ghana that supports transfers, borrowing and saving across banks and mobile wallets.
AI customer service: GCB introduces a basic AI chatbot for answering frequently asked questions, but complex issues still require human support.
Open Banking API: GCB supports limited open banking APIs, which are mainly used for the integration of G-Money with third-party payment platforms to enhance the financial service ecosystem.
Customer Service Quality
Service Channels: 24/7 phone support (hotline +233 (0)302 664910), live chat (business hours) and social media response (Twitter/Facebook, response time approx. 1-2 hours) are available.
Complaint Handling: The complaint rate is low, the average resolution time is 3-5 business days, and the user satisfaction rate is about 85% (based on industry reports).
Multi-language support: Mainly support English and local languages in Ghana (such as Twi, Ewe), there is no extensive non-local language service, cross-border users may need to communicate in English.
Security Measures
: Although there is no national deposit insurance, the strict supervision of the Central Bank of Ghana and the government background of the GCB provide the security of its funds. GCB uses real-time transaction monitoring and anti-fraud technology to reduce the risk of fraud.
Data security: GCB is ISO 27001 certified for information security and has not reported major data breaches. Customer data is stored and transmitted encrypted to ensure privacy.
Featured Services & Differentiated
Market Segments:
Student Accounts: Fee-free savings accounts are available for young people to accumulate funds.
Senior-only banking: Provide low-risk investment options for retirees through the Golden Eagle Unit Trust.
Green financial products: GCB has invested more than 6.3 million Ghana Sedi for green projects (such as tree planting and environmental protection initiatives), which is in line with the ESG investment trend.
High-net-worth services: GCB Capital Limited provides private banking services for high-net-worth clients, including equity investment, real estate trusts, etc., with a threshold of about 500,000 ghana.
Market Position & Accolades
Industry Rankings: GCB is the largest domestic bank in Ghana, accounting for 14.2% of industry deposits and 8.7% of the top 7 banks in Ghana. The global ranking does not enter the top 50, but it has an important influence in the African region.
Awards:
2020: Safest Bank in Ghana (Moody's, Fitch rating).
2023: Africa's Most Compliant Bank (ACCPA).
2023: Ghana is ranked 1st in the banking sector and 10th in the country for most prestigious companies.
