- GCB Bank offers the MSE Group Loan to help small businesses
- The loan has a 3% interest rate
- Groups can borrow up to GHC200,000, with loans ranging from GHC200 to GHC1,000
GCB Bank PLC has introduced a new loan product, the Micro Small Enterprises (MSE) Group Loan, designed to assist small-scale entrepreneurs, especially market women. This program allows groups of 5 to 10 people to access loans at an attractive 3% interest rate. Sina Kamagate, Executive Head of Retail Banking, explained that the loan is based on joint responsibility, where group members support each other’s repayments.
“We can provide up to GHC200,000 per group, but this doesn’t mean each member receives an equal share. The loan amount is based on each individual’s capacity, ranging from GHC200 to GHC1,000,” he said. He also pointed out that while the bank offers larger loans up to GHC 500 million, the MSE Group Loan is specifically designed for micro and small businesses.
He highlighted that the 3% monthly interest rate is one of the lowest available, especially since small businesses contribute 83% to Ghana’s economy. To apply, individuals only need a Ghana Card to open an account, and daily e-collectors will evaluate credit turnover to assess loan eligibility.
Nana Yaa Boadu, a fabric dealer from the Ashanti Region, expressed her excitement about the loan, noting that its affordability is a great relief. “There are many loans available to us market women, but this one is manageable with the given interest rate,” she said. Similarly, Nana Ama Nyarko, a palm nut seller from the Kumasi Central Market, praised the bank for opening a branch at Kejetia Market, making banking more convenient. “We don’t have time to leave our businesses and stand in long queues at the bank,” she added.
She also encouraged fellow traders to repay their loans on time to ensure the continued success of both their businesses and the bank.
This initiative strengthens GCB Bank PLC’s commitment to supporting small businesses and contributing to Ghana’s economic growth.
