The Ghana Commercial Bank will from next month begin offering loans to individuals and small businesses within a day.
This however does not mean automatic approval as applicants would first have to meet the bank’s requirements.
Officials say a good credit history would be a big advantage.
Having made significant progress in getting government to clear the debt of the Tema Oil Refinery on its books, the bank now has a lot of funds available for onward lending.
The Managing Director of GCB, Simon Dornoo, speaking to Joy Business about the “loans in 24 hours” product, said with credible documentation, loan applicants should not have any problems accessing loans from the bank within 24 hours.
He emphasized the bank had put in place measures to drastically reduce defaults or non-payment of loans.
Source: Joy Business/Ghana