GCB Bank Launches Tier 3 Pension-Backed Loan to Expand Access to Credit While Protecting Retirement Savings

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Ghana’s number one bank, GCB Bank has launched its innovative Tier 3 Pension-Backed Loan, a first-of-its-kind financing solution designed to enable contributors to Tier 3 pension schemes to access credit without compromising their long-term retirement savings.

The product, introduced in partnership with leading pension trustees including Petra Trust, Pensions Alliance Trust, Axis Pension Trust, Negotiated Benefits Company (NBC) and Standard Pensions Trust, allows eligible contributors to use their accrued Tier 3 pension benefits as collateral for loans while their retirement funds remain fully invested. Additional pension trustees are expected to join the initiative in the coming months.

The launch marks another milestone in GCB Bank’s drive to deliver innovative financial solutions that improve financial inclusion and provide customers with more flexible financing options tailored to their evolving needs.

Speaking at the launch, the Executive Head of Retail Banking at GCB Bank, Sina Kamagate, said the new facility reflects the Bank’s commitment to developing practical financial solutions that empower customers without undermining their long-term financial security.

"At GCB Bank, innovation is driven by our customers' needs. The Tier 3 Pension-Backed Loan provides individuals with a smart and responsible way to access financing while preserving the retirement savings they have worked hard to build. It is another example of our commitment to making banking more relevant, accessible and responsive to the changing needs of Ghanaians."

Unlike traditional loan products that may require customers to liquidate investments or provide conventional collateral, the Tier 3 Pension-Backed Loan enables contributors to unlock the value of their pension savings while allowing those funds to continue generating returns for retirement.

The facility is available to both GCB customers and non-customers who contribute to registered Tier 3 pension schemes, including Master Trust and Employer-Sponsored Schemes. Eligible applicants include salaried employees with stable sources of income as well as self-employed individuals with vested Tier 3 balances. Applicants must be between the ages of 21 and 59 and satisfy the Bank's credit and eligibility requirements.

The product offers customers competitive pricing, fixed interest rates, flexible repayment options and repayment tenors of up to seven years. Customers may repay through salary deductions, employer payroll deductions, G-Money or standing instructions, depending on their individual arrangements.

Representatives of the participating pension trustees welcomed the partnership, describing it as an important step towards expanding responsible access to finance while strengthening collaboration between Ghana's banking and pensions industries.

The launch reinforces GCB Bank's commitment to partnering with key stakeholders across the financial services sector to develop innovative solutions that improve financial wellbeing, promote inclusion and support sustainable economic growth.

Customers interested in the Tier 3 Pension-Backed Loan can visit any GCB Bank branch nationwide, contact participating pension trustees, reach the Bank through its customer service channels or visit the GCB Bank website for further information.

GCB Bank PLC is Ghana's number one bank with over seven decades of experience supporting individuals, businesses and institutions. With a nationwide network of 183 branches and more than 340 ATMs, the Bank continues to deliver innovative banking solutions that drive financial inclusion, economic growth and sustainable development.

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