GCB Bank rolls out GH¢3m support package for Kantamanto, Techiman fire victims

The GCB Bank PLC has launched a special GH¢3 million loan package to support its Micro and Small Enterprise (MSE) customers whose businesses were destroyed in the recent fires at the Kantamanto and Techiman markets. 

The initiative, aimed at helping affected traders rebuild their businesses, will benefit over 200 customers—100 from each market.

The support package includes a flexible repayment plan, a three-month moratorium and an insurance bundle under the GCB Value Added Package (VAP) initiative.

The VAP is tailored to protect MSEs against emergencies such as fires and burglaries. Currently, the initiative is being rolled out to traders at Kantamanto, with those in Techiman set to receive support in the coming weeks.

The facility will be distributed based on the activeness of a customer’s account, with loan amounts reaching up to GH¢50,000 for qualifying traders. 

GCB Bank’s commitment

Speaking at an event in Accra yesterday where some traders received their loans, the Executive Head of Retail Banking at the GCB Bank, Sina Kamagate, reaffirmed the bank’s commitment to standing with its customers in times of crisis.

He expressed confidence that the financial assistance would help traders recover and rebuild stronger businesses.

“We didn’t just sit in our offices to create a product for them.

Where banking is going now is around tailored product development and we need to personalise solutions for our customers.

So we engaged them, took feedback on the financial support they needed and allocated GH¢3 million for this special project,” Mr Kamagate said.

He emphasised that the money being loaned belonged to the bank’s customers, urging the beneficiaries to work hard and repay their loans on time so that others may also benefit from similar initiatives in the future.

Financial management

Beyond financial assistance, Mr Kamagate said the bank was taking steps to educate traders on proper financial management to prevent future losses.

“We observed that some traders didn’t just lose their goods, they also lost their cash because they were keeping money in their shops.

This is a serious concern. As a bank, we must create financial intermediation and encourage our customers to keep their money in safe places.

This is why we will deepen our financial literacy and business advisory support,” he said.

Mr Kamagate said the bank had also developed a long-term vision to nurture micro and small enterprises into larger businesses.

He explained that the bank’s strategy involved guiding small businesses through different stages of growth.