By A Concerned Customer
As Ghana strides forward on the path of digital transformation, aiming to promote financial inclusion and reduce the cost of transactions through digital platforms, one would expect all key stakeholders—including banks—to align with this national vision. Unfortunately, recent developments by GCB Bank seem to push in the opposite direction.
Effective May 1, 2025, GCB Bank will implement the following revised charges:
- E-Bundle Fee: GHS 15/month for electronic banking alerts, excluding customers above 60 years.
- Bank-to-Wallet Transfer (via mobile app): 1% of the transfer amount, capped at GHS 20.
- ATM Usage Fee: GHS 20 per transaction after a total withdrawal of GHS 10,000.
These changes have sparked outrage among customers, many of whom view them as excessive, exploitative, and misaligned with the government’s digital finance objectives. Let’s take a closer look.
1. E-Bundle Fee – Who Really Benefits?
The GHS 15 monthly charge for SMS alerts is a steep cost for a service that involves sending a few text messages per month. With mobile network operators charging a fraction of that for SMS, it raises the question: Is this charge reflective of actual cost, or is it a disguised revenue strategy? Many customers, especially those who don’t receive frequent alerts, are left paying for a service they barely use.
2. ATM Charges – Penalizing Convenience?
ATMs were introduced to improve efficiency, reduce queues in banking halls, and provide customer convenience. Now, GCB wants customers to pay GHS 20 per ATM transaction after withdrawing GHS 10,000. That means you’re essentially being penalized for using the very convenience the bank encouraged. Ironically, if you go to the banking hall for smaller withdrawals, you’re also charged. So where exactly does the customer benefit?
3. Bank-to-Wallet Transfer Fees – Reintroducing the Burden?
The government scrapped the E-Levy to reduce transaction costs and encourage digital payments. Yet, GCB’s new 1% fee on bank-to-wallet transfers (capped at GHS 20) feels like a rebranded E-Levy, reintroduced through the backdoor. It’s a direct contradiction to the government’s intention of promoting a cashless economy and making digital transactions more affordable for all.
Ghana’s Digitalization Policy emphasizes cost-effective, accessible, and inclusive financial services. GCB’s new charges risk reversing the gains made in financial inclusion, digital adoption and public trust: Users may see digital banking as a tool for exploitation, not empowerment.
It’s time for consumers to speak up and demand accountability. Banks operate to make profit, yes—but not at the cost of public interest. We cannot allow our hard-earned money to be slowly siphoned away through excessive service fees disguised as “enhancements.”
If this trend continues, many may be forced to seek alternatives with fairer policies, or even revert to non-digital methods—a step backward in Ghana’s digital journey.
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