Ghanaian banks charge 7.75% fees aside interest charged on retail loans - Latest BoG survey

Ghanaian banks charge 7.75% fees aside interest charged on retail loans - Latest BoG survey

- A survey carried out by the Bank of Ghana between October and December 2019 showed that banks charge about 5 different fees

- The survey showed that Ecobank charges the highest fee of 7.75% followed by First National Bank-GHL

- No details were however captured on the fees taken by the Consolidated Bank of Ghana

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According to the details of a recent survey conducted by the Bank of Ghana, some banks in Ghana charge 7.75% as fees aside from the interest to be paid on retail loans.

A retail loan is a facility given to customers of banks, credit unions or financial institutions in order to help them purchase assets.

The survey, which was carried out between October and December 2019, covered all the 23 banks operating in Ghana.

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The Central Bank indicated that retail customers pay five different fees on loans to commercial banks.

Per a report, the survey took into consideration all the fees and charges banks impose on their products and services.

Information available shows that Ecobank charged the highest fee of 7.75% followed by First National Bank-GHL which has a lending fee of 5.25% on retail loans.

As at the end of December 2019, Stanbic Bank charged 5.1% on lending fees on retail loans.

Other banks charged lending fees ranging from 3% to 4.35%.

The Consolidated Bank of Ghana, however, did not provide information on its policy on lending fees for loans.

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In other news, TikTok, described as the fastest social media app in the world, is set for a full rollout in Africa.

It has also been ranked as the third most popular social media app among Nigerian users on Google Play understands that the app is picking ideas from YouTube and Instagram before it is launched.

From 2019, the Chinese app has been organizing “creator sessions” and meet-ups in Kenya. In October of the same year, TikTok teamed up with Chinese phone maker Transsion’s Infinix brand in the same country.

Per a report, they rolled out a hashtag #WeAreHot to boost a new phone model and also raise awareness of the app.

TikTok is currently ranked as the third most preferred social media app by Nigerians on Google Play Store and the sixth most preferred app among Kenyans on the same platform.

The app has been described as an important platform for brands that seek to monetize user attention. Big brands such as the NBA and Washington Post have relied on TikTok for creative ideas to help with brand exposure.

READ ALSO: Ghana's cedi and 5 other currencies ranked the best in Africa

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Source: Yen Ghana

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