Ghana’s largest indigenous bank, GCB Bank has made a donation of GHs100,000 to the Ghana Health Service (GHS). The donation is in support of the national response work of the service — in collaboration with the Health Ministry — in the fight against the COVID-19  pandemic.

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GCB supports COVID-19 fight with GHs100K

A team from the bank, led by its Managing Director — Mr Anselm Ray Sowah — made the donation at the Ministry of Health this past Friday, 20th March. Mr Sowah went on to reveal that the donation became necessary as a result of their concern arising from “the confirmed cases in Ghana, Africa and the world at large.”

COVID-19: GCB Bank supports Health Service with GHS100K; introduces new G-Money tariffs

Speaking further, he added “we are indeed not in normal times. As the nation, the sub-region and the world join efforts to fight the virus, it has become imperative for GCB also to augment the efforts of the government to contain the disease.”

The Minister of Health, Kweku Agyemang Manu — who received the donation — applauded the efforts of GCB Bank to support the work of government in these trying times.

COVID-19: GCB Bank supports Health Service with GHS100K; introduces new G-Money tariffs

“This is a clear demonstration of a response to our cry for support from both the Minister and also from the President. We have been having meetings with the private sector, the pharmaceutical industry and other organisations in this time of crisis for support. GCB Bank has demonstrated that they have heard us and wouldn’t sit idle. I hope other companies in our country will follow the gesture that GCB has shown.” Kweku Agyemang Manu

GCB Bank introduces new tariffs on G-Money

In a related development, the bank has updated its tariff guide and wallet limit in accordance with the Monetary Policy Committee of the Bank of Ghana’s directive issued on 18th March, 2020.

The aim of this directive is to facilitate efficient payments in order to promote digital forms of payment for the next three months; as the world battles the COVID-19 pandemic.

The special updated tariff which would allow G-Money customers to send up to GH¢100 for free (cashouts exempted), includes sending money to a recipient on G-Money or another network via the interoperability platform.

GCB Bank introduces new tariffs on G-Money

The Head of Operations of GCB Bank, Mr. Charles Crabbe, outlined some of the adjustments which have been introduced in the special update.

“Customers will now pay as low as 50 pesewas to transact between GH¢100.01 and GH¢999.99 within the G-Money network. Transactions of GH¢1000.00 and above from one G-Money account to the other have also been reduced to 1 cedi.” Mr Charles Crabbe

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The bank’s KYC accounts also got an increase on their daily transaction limits. The current limit for the minimum KYC account is GH¢1,000.00 while that of the enhanced KYC account is GH¢10,000.00. Furthering the changes, the bank has introduced a limitless maximum account balance offer for both the medium KYC and Enhanced KYC Account holders.

“The rationale of these updated rates is to encourage our customers and all Ghanaians to go cashless with G-money and limit their exposure to bank notes to avoid contact with harmful germs.” Mr Charles Crabbe

Background to G-Money

In January, GCB Bank launched G-Money, a mobile money service which allows individuals and businesses to store and make transactions on their phones. This service is part of GCB Bank’s commitment to drive financial inclusion as part of its strategic objectives.

The introduction of G-Money is part of GCB Bank’s mandate to increase the number of digital services available to its loyal customers. The service is also expected to further propel Ghana’s interoperability system initiated by the Government.

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