GCB Bank Limited, Ghana’s premier indigenous bank is 67 years old today, 20th May, 2020. GCB was established in 1953 as the Bank of the Gold Coast, to provide banking services to indigenous businesses to help drive the country’s socio-economic development.
In 1957, when Ghana attained independence, the Bank of Ghana was established as the Central Bank and the Bank of the Gold Coast was renamed Ghana Commercial Bank to focus specifically on commercial banking activities.
In 1996, it listed on the Ghana Stock Exchange and in 2014, the Bank rebranded from Ghana Commercial Bank to GCB Bank Ltd to refresh its image and project a renewed dynamism.
In 2017, GCB acquired two indigenous banks in a single day; a transaction which hitherto was unprecedented in Ghana’s banking industry, as part of its strategy of market dominance.
The bigger and better GCB is currently focused on process transformation and digitization in its quest to deliver first class services and superior value to clients.
Legacy of Trust
Over the years, GCB Bank has invested substantially in the oil and gas industry, cocoa, mining, manufacturing, commerce and other vital sectors of the economy.
GCB Bank has been a key channel of international trade through dealings in letters of credit, financing medium-term loans, forward contracts, export credit guarantee lines, negotiation of cedi instruments, foreign exchange transactions, currency transfers, negotiation of non-cedi instruments amongst others.
Additionally, the Bank has funded monumental projects like the reconstruction of the Golden Tulip Hotel in Kumasi, the construction of gas pipelines and other ancillary projects to support the relocation of the Karpowership from Tema to Takoradi.
Over the years, GCB Bank has been the country’s major partner in driving socio-economic growth by partnering government to execute major initiatives. In 2017, GCB Bank voted GHS1 billion to support Ghana’s One District, One Factory (1D1F) initiative and also established a dedicated business unit to provide advisory services to develop business proposals from prospective investors.
Technology and Innovation
Technology has become a key driver for improving efficiency, business performance, customer engagement, profitability and growth in today’s ever-changing and challenging banking environment. It is relentlessly pursuing innovative ways of leveraging on innovative technologies to deliver end-to-end digital banking solutions to enhance its service offerings and deliver superior value.
This year, GCB Bank became the first bank to launch a digital mobile money wallet when it launched the G-Money product in January. The digital wallet which is telco agnostic and fully interoperable allows customers to send and receive funds from any mobile money wallet or bank accounts by registered users and also perform unique functions including saving and borrowing funds, group savings among others. It is also accessible across multiple channels such as Unstructured Supplementary Service Data (USSD), GCB Bank’s internet banking platform, mobile banking application, Point of Sale Device (POS), Quick Respond Code (QR code) and Automated Teller Machines (ATMs).
Corporate Social Responsibility (CSR)
GCB has consistently met the economic, legal, ethical and discretionary expectations of the wider Ghanaian society. The Bank has lived up to its mantra “Your Bank for Life” through its unrivalled CSR initiatives in the areas of Education, Health, Culture and Tradition, Tourism, Environment and Children and Sports. The Bank recently renovated the Ussher Polyclinic and constructed a new theatre for the James Town Maternity Clinic, Renal Dialysis Unit at 37 Military Hospital, and classroom blocks for Bomaa Roman Catholic and Sewuah D/A JSS in the Ahafo and Eastern regions.
The Bank is currently at the forefront of the Covid-19 fight with a donation to the COVID-19 National Response Team through the Ministry of Health, donation of 100 veronica buckets and their accessories to the Ministry of Sanitation and Water Resources, and a donation of 40 water storage tanks (Rambo 1000) to Ministry of Local Government and Rural Development for distribution to markets in Accra, Tema and other parts of the country.
The Bank has also donated of 550 gallons of hand sanitizers, 50 Veronica buckets, 50 receptacles, 100 gallons of liquid soap and 300 rolls of tissue for distribution to regional offices and courts under the judiciary, the provision of nutritious meals, water and drink on daily basis for 500 health workers for almost two months, amongst others. GCB also purchased 1000s of Personal Protective Equipment (PPEs) for distribution for distribution to some health facilities especially in deprived areas. These include University of Health and Allied Sciences (UHAS), Dambai, Atua, St Dominc, Ketu, Awutu Senya East, Ga Centraland others.
The Bank has also been a key sponsor of programmes like the National Science and Maths Quiz, Ghana’s Fastest Human, Millennium Marathon, Heritage Caravan, Music of Ghanaian Origin, The Pan African Historical Theatre Festival (PANAFEST) amongst others.
Commenting on what informs the Bank’s remarkable CSR initiatives, the Managing Director of GCB Bank, Mr Anselm Ray Sowah, stated that these projects flow naturally from GCB’s commitment to impacting society and changing lives.
“Our historical dictate was to help drive Ghana’s socio-economic transformation and while we pursue our core mandate of providing expert financial solutions across the country, we are mindful of the need to assist with the transformation of the communities we operate in” he stated.
Mr Sowah expressed gratitude to Ghanaians for supporting the Bank and revealed plans for first-class banking services. He, therefore, asked for the continued support of Ghanaians to enable the Bank to “scale even greater heights.”
The Way Forward
Being the leader in Ghana’s banking industry, GCB Bank aims to continue evolving to meet the changing needs of stakeholders and customers in the dynamic banking landscape and to make strong inroads into the international market with focus on West Africa, Asia, America and Europe.
Summarising the grand plan for the years ahead, the Managing Director, stated that “GCB Bank is focused on breaking new frontiers and setting the standards higher so technological innovations will be key in our drive towards improved services.”
