GCB generates over $100m from remittances

The Ghana Commercial Bank (GCB) on Monday said it generated 104 million dollars from its money transfer business in the year 2001. The amount was generated from an average of 350 people that received remittances daily in Accra and 200 daily receipts from other payment centres.

Mr Victor Boakye-Bonsu, General Manager, Accounts Division, told journalists in Accra that the amount earned was nearly 100 per cent increase over 53 million dollars recorded in 2000. GCB provided enhanced services in the money transfer business, hence the high earnings.

Some of the services included electronic payments into customers' accounts for withdrawal through the Automated Machines and non-account holders being offered cash withdrawal services over the counter.

Another factor that contributed to the high earning was the numerous channels of transfer GCB had arranged in the United States, the United Kingdom, Canada, Holland, Sweden and Germany, he said.

The bank also operated the direct receipt of hard currency for customers, who wished to receive such monies. Mr Boakye- Bonsu said the bank was to come out this year with more products that would yield more profits in view of the downward trend in interest rates.