Ghana Commercial Bank to disburse Loans in 24 hours

The Ghana Commercial Bank (GCB) is hopeful of disbursing loans in 24 hours after it launched the 24 hr service together with other services.

The Bank announced earlier this year, its intentions to give loans within 24 hours which would become an industry first, beating existing competition of 48 hours offered by UT.

GCB unveiled the product along-side its internet and SMS banking services which are expected to get the bank to compete favorably within global banking standards.

According to the Managing Director of the bank Simon Dornoo, the new move is likely to get GCB to leap-frog competition in the Ghanaian banking industry.

He explained to Citi Business News that a loan approved within a day was possible because “we have invested in a commercial lending position which makes it feasible from end to end.

"From origination right down to risk management, we are covered in terms of what we delivering to our customers.

We see people in market borrowing at very high rates and of course, they can have access to banking at very competitive rates. ”