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GCB Bank Grants Two Month Moratorium, Reduces Interest Rate On Personal Loans

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GCB Bank Ltd, Ghana’s leading commercial bank, has granted a two month moratorium on loans, while also reducing interest rates from 26 to 24%. This decision, according to the bank is to reduce some of the hardships brought about by the effects of the COVID-19 pandemic.

In a statement issued by the Bank, The Managing Director of GCB Bank, Anselm Ray Sowah, stated that “as Ghana’s largest indigenous Bank, we have the mandate to seek the interest and well-being of Ghanaians and to be at the forefront of Ghana’s socio-economic drive”.

“The reduction in interest rates and the moratorium granted are thus a reflection of the Bank’s tireless commitment in helping to positively impact the lives of Ghanaians especially in these trying times,” he added.

GCB Bank, which recently celebrated its 67th anniversary, has been at the forefront of the Covid-19 fight and was the first bank to make a donation to the COVID-19 National Response Team through the Ministry of Health.

GCB has also provided personal protective Equipment (PPEs) and water storage tanks to selected Metropolitan/Municipal/District Assemblies, market centres and health facilities around the country.

Source: GhanaFeed.Com

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Business

Another Bank Merger- First National And GHL Bank

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First National Bank Ghana, is a new bank from the merger of First National Bank and its subsidiary, GHL Bank.

First National Bank established the completion of the merger of the two banks.

The new bank, First National Bank Ghana, is a financial entity which seeks to attend to diverse financial needs for various investment, corporate and retail banking services to their customers.

The bank also offers improved already present answers for real estate and housing markets.

Dominic Adu, the Chief Executive Officer for First National Bank Ghana revealed thus, “ We are very excited about the work that we have done to date and the resulting seamless synergies we have achieved with this merger.”

“We believe that this merger will offer customers the advantage of a broader suite of banking products and services while maintaining our commitment to all our stakeholders.”

One of the main gains of the merger as stated  by the company is the enlarged network  in the central areas of Accra , Kumasi and Takoradi.

The bank said in its statement that, “Customers can now access all banking services from a total of eleven branches and on First National Bank Ghana’s world-class digital platforms, which make convenient banking services available 24/7.”

The Executive Director of First National Bank Ghana, Richard Hudson  also said “This is an exciting time for us, and we are committed to partnering with our customers on their individual or business journey. There are current challenges impacting general growth and opportunities in the financial services sector, but we believe that our innovative approach to products and the focus on in-house digital banking solutions will give us the competitive edge.”

Source: GHANAFEED.COM

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Business

“Our Predicament is Worse than Covid-19”- Aggrieved Customers to Akufo-Addo

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The Coalition of aggrieved customers of the collapsed Fund Management Companies in Ghana have described their condition as worse compared to Covid-19.

The Secretary of the group, Joseph Aryeetey at a press briefing on Sunday accused the government of being insensitive to their plight. He said the government has failed in addressing the problem it created as a result of the financial sector clean-up

“This government has proven to be the most insensitive in the history of this country. This is evident in the way they have treated our issue. For a problem that you created by yourself under the guise of financial sector cleanup, we expected to be treated well. Even though our predicament is worse than COVID-19, government appears to show more attention to companies that have been affected by the COVID than paying us”

However, the group cautions the government to be mindful of the consequences of its failure to address their grievances on the upcoming General Election.

“If the energy crisis and the nurses’ allowances scrapped off by the Mahama government could cause his defeat then, President Akufo-Addo should also know that history can repeat itself. We encourage our members to vote against Akufo-Addo if he refuses to pay us before the elections,”

Source: GhanaFeed.com

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Business

MTN Drags NCA To Court Over Attempts To Break Monopoly

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In a statement, MTN said despite consultations with NCA, the company was left with no choice than to resort to the court to seek redress.

Telecommunication Giants, MTN has dragged the sector regulator, NCA to court over what the company terms as unfair attempts by the regulator to break it’s near monopoly.

MTN described the government’s move as “unfair” and said the decision to go to court, was a “difficult” move.

The Ministry of Communications on June 9, 2020 announced that the telecommunication industry was facing “glaring disparities” and “imbalances” which it said was unhealthy for competition.

According to a statement signed by the Minister of Communications, Ursula Owusu-Ekuful, the new policies were meant to correct the imbalance in the telecommunication market.

However, Mtn says that even though they acknowledge the authority of the regulator in promoting fair competition, they believe they are being treated unfairly.

Source:GhanaFeed.Com

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