The product, which was launched in Kumasi, brought together representatives of the Bank, traders and owners of small businesses.

The MSE Group loan, which is a first of its kind in the country, offers loans of up to GHS200,000 to groups of five to ten business owners who come together to access the product at a competitive three percent interest rate.

Speaking at the launch event, Sina Kamagate, Executive Head of Retail Banking Department, GCB Bank, said the Bank recognized the critical role MSE's play in the Ghanaian economy hence the development of the package to help business owners thrive.

"We have various loan products for our MSE customers but what we have done differently with this product is to encourage the spirit of grouping and collaboration. We know that in the market, there are groupings and so they can put themselves into groups of up to ten and come to us for a group loan. What is good about the group loan is that you get to enjoy several undertakings from the members, with each one looking at each other's back", Mr. Kamagate explained.

He said the MSE Group Loan would be complemented by the opening of bank accounts for the traders through which they would repay their loans.

According to him, the repayment plan will be determined by the credit worthiness of the group of traders.

The Queen mother of Africa Prints at the Kejetia Market, Nana Yaa Boadu, on behalf of the traders, lauded GCB for continuously bringing out financial products that met the needs of the traders.

"As compared to other financial institutions, the interest rate of GCB's MSE Group Loans is better than the others. If you sign up for a loan with a high interest rate it is difficult to pay, so this module will help us", she said.

"Additionally, unlike other financial institutions, we have so much trust in the GCB brand, which is one of our own and we are happy they have come to our doorstep with this package", she noted.