Ghana Commercial Bank: A Leading Bank in Africa

Ghana Commercial Bank, or GCB Bank PLC, is Africa’s most welcoming commercial bank, offering accessible financial support wherever it’s needed through helpful service and expert solutions. It has 185 branches nationwide and a 2022 annual report with positive results¹. In this post, we will explore everything worthy of GCB Bank PLC, and why it’s a leading bank in Africa.

History of GCB Bank PLC

GCB Bank PLC was established in 1953 as the Bank of the Gold Coast, the first indigenous bank in Ghana. It was created to provide banking services to the local population and to support the economic development of the newly independent nation². The bank changed its name to Ghana Commercial Bank in 1958, and became a public limited company in 1996. Since then, it has undergone several transformations, mergers, and acquisitions, expanding its network, portfolio, and market share².

The bank has played a significant role in the history of Ghana, financing major projects such as the Akosombo Dam, the Tema Harbor, and the Accra-Tema Motorway. It has also supported various sectors of the economy, such as agriculture, industry, trade, and services. The bank has been a pioneer in introducing new products and services, including ATM cards, mobile banking, and internet banking².

Vision of GCB Bank PLC

To be “Africa’s most welcoming bank, offering accessible financial support wherever it’s needed through helpful service and expert solutions, to encourage business and enrich people’s lives”¹. The bank’s mission is to “provide universal banking services that exceed the expectations of our customers and create value for all stakeholders”².

The bank’s core values are:

• Customer focus: We put our customers at the heart of everything and strive to meet their needs and expectations.
• Excellence: We deliver high-quality products and services and pursue continuous improvement and innovation.
• Integrity: We act ethically, honestly, and transparently in all our dealings and uphold the highest standards of corporate governance.
• Teamwork: We work together as one team, respecting and supporting each other, and leveraging our diversity and strengths.
• Social responsibility: We contribute to the social and economic development of the communities we serve and protect the environment².

Performance of GCB Bank PLC

GCB Bank PLC is one of the largest and most profitable banks in Ghana, with total assets of GH¢ 17.4 billion, total deposits of GH¢ 12.4 billion, and total income of GH¢ 1.8 billion as of December 2022³. Our return on equity was 18.9%, and return on assets was 2.1%, indicating a high level of efficiency and profitability³. The bank’s capital adequacy ratio was 23.4%, well above the regulatory minimum of 11.5%, demonstrating its strong financial position and resilience³.

Market conditions, customer demands, or regulatory requirements drove the bank’s performance by forcing it to strategically focus on growing its customer base, enhancing its digital capabilities, diversifying its revenue streams, and optimizing its cost structure. The bank increased its customer accounts by 14.5%, reaching 2.4 million customers by the end of 2022³.

The bank also launched its digital mobile money wallet, G-Money, which registered over 1.2 million customers and processed over GH¢ 4.2 billion worth of transactions in its first year of operation³. The bank’s non-interest income grew by 25.4%, contributing 40.7% of its total income, while its operating expenses reduced by 6.3%, resulting in an improved cost-to-income ratio of 51.4%³.

Various awards and ratings also recognized the bank’s performance, such as:

• The Banker’s Bank of the Year Award for Ghana in 2022
• The Global Finance’s Best Bank Award for Ghana in 2022
• The Euromoney’s Best Bank Transformation Award for Africa in 2022
• The Moody’s B2 rating with a stable outlook
• The Fitch B rating with a stable outlook

Innovation of GCB Bank PLC

GCB Bank PLC shows its commitment to innovation and digital transformation by investing in technology, infrastructure, and human capital. The bank upgraded it’s core system, enhanced internet and mobile platforms, introduced new products and services.

G-Money is a digital mobile money wallet that allows customers to access financial services using their mobile phones. G-Money is interoperable with other mobile money platforms, bank accounts, and payment systems, making it convenient and accessible for customers.

Easy Pick is a buy now, pay later service that allows customers to purchase goods and services from selected vendors and pay in installments. Easy Pick gives customers financial access to buy the things they love now, and pay later.

LitePay is a low-cost and fast payment service that allows customers to transfer money to any bank account or mobile money wallet in Ghana. LitePay is powered by the Ghana Interbank Payment and Settlement Systems (GhIPSS), and charges only GH¢ 1 per transaction.

Link2Home is a remittance service that allows customers in the diaspora to save money in Ghana while abroad. Link2Home enables customers to open and operate a GCB Bank account from anywhere in the world. It allows its users to enjoy competitive exchange rates, low fees, and attractive interest rates.

Conclusion

GCB Bank PLC Africa’s leading bank, rich history, vision, performance, innovation. The bank offers products and services, meets customer needs, creates value for stakeholders. The bank is socially responsible, contributes to social and economic development, protects environment. GCB Bank PLC is indeed Africa’s most welcoming bank, and a bank you can trust.

References

¹Home – GCB Bank PLC ².About GCB – GCB Bank PLC ³: 2022 Annual Report – GCB Bank PLC. Bank of the Year 2022 – The Banker. Best Bank Awards 2022 – Global Finance. Euromoney Awards for Excellence 2022 – Euromoney affirms GCB Bank’s B2 rating with a stable outlook – Moody’s. Fitch affirms GCB Bank’s B rating with a stable outlook – Fitch Ratings. G-Money – GCB Bank PLC : Easy Pick – GCB Bank PLC : LitePay – GCB Bank PLC : Link2Home – GCB Bank PLC