The formal banking sector comprises the central bank (the Bank of Ghana) and a number of other banks, including commercial banks, development banks, merchant banks and a plethora of rural unit banks. As the central bank, the Bank of Ghana has the responsibility for implementation of monetary policies.

Last year, the central bank in accordance with Section 28 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), revised upward the minimum paid-up capital for existing banks and new entrants from GH¢120 million to a new level of GH¢400 million.

After the deadline, 23 universal banks out of the 32 were left to operate in the country. Others either became savings and loans company or their licences were terminated.

The automated teller machine (ATM) is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller.

Currently, bank ATMs are becoming more commonplace where cash is obtained. It eases the stress of queuing in long lines in the banking hall to cash out money.

The popularity of these banks is among the highest in the country. Almost everyone who has stayed in Accra at a point is likely to have heard about these banks.

These banks have the lowest ATM card monthly charges, however, they still have some interesting packages that is cheaper than the ATM card monthly charges.

These 7 banks in Ghana have the cheapest ATM monthly charges

1.   Cal Bank

Cal Bank commenced operations in July 1990. It provides a world-class financial solution to the Ghanaian banking sector. The bank provides a broad range of banking and financial solutions to large corporations and small and medium-sized enterprises.

The bank has over 100 ATMs across the country. The monthly charges for accessing an ATM card of Cal bank is GH¢2.50.

2.   Zenith Bank

Zenith Bank Ghana is a subsidiary of Zenith Bank Plc, a Nigeria-based multinational financial services provider. The bank started its universal banking operation in 2005, offering top-of-the-line banking services to individuals and corporations across the country.

Headquartered in Accra, Zenith overseas 34 business locations (branches and agencies), as well as a number of POS terminals and ATMs.

The bank charges GH¢3.00 monthly for using its ATM card.

3.   Guaranty Trust (GT) Bank

Guaranty Trust Bank (Ghana) Limited is a subsidiary of Guaranty Trust Bank Plc, one of the foremost banks in Nigeria with a Triple-A rating; the first indigenously owned sub-Saharan bank to be quoted on the London Stock Exchange.

The Bank was registered in Ghana in October 2004 and obtained its universal banking license from the Bank of Ghana on February 23, 2006, thereby paving the way for the commencement of operations.

GT Bank operates from 34 branches spread across the lengths and breadths of the country and has as well a number of ATM spread in the country. The bank ATM card charge for every month is GH¢3.00.

4.   Access Bank

Access Bank Ghana is a full-service commercial bank offering universal banking services to corporate, commercial, retail customers and financial institutions across Ghana.

The Bank launched its operations in 2009, as one of the most capitalized banks and has continued to consolidate its reputation as one of the fastest growing in the industry.

The bank has numerous ATM access points in the country and charges GH¢3.00 for its Ghana link card and GH¢5.00 for Visa card every month.

5.   Stanbic Bank

Stanbic Bank entered the banking market in Ghana and in just over 10 years, it has earned a well-deserved reputation as a customer oriented, business-friendly and socially relevant bank.

The bank has a lot of branches and ATMs across the country. The monthly charge for using Stanbic bank’s ATM card is GH¢4.00.

6.   Fidelity Bank

Fidelity Bank of Ghana, formerly known as Fidelity Discount House, received its commercial banking license in 2006.

The bank offers personal, commercial, and wholesale banking products and services. As the fastest growing of indigenous banks in Ghana, it also serves the country’s unbanked and underbanked population through its Financial Inclusion Directorate unit.

Fidelity bank charges GH¢4.00 for using its ATM card every monthly.

7.   Ecobank

Established in 1917, Barclays Bank Ghana is a subsidiary of South Africa-based Barclays Africa Group Ltd. The bank offers personal banking products and services to individual customers in Ghana. It also provides corporate, treasury, and retail products and services to businesses and corporate clients.

The financial services group manages a network of more than 70 service outlets across the country, consisting of 56 branches, two Premier suites, nine Prestige Centers, three agencies, as well as 165 ATMs.

Based in Accra, the bank operates a network of more than 80 branches and 112 ATMs throughout Ghana.

The bank charges GH¢5.00 for using its ATM card monthly.