GCB Bank launches Hajj savings product with GHS 50 entry amount

GCB Bank has unveiled a new Hajj Savings Account to help Muslim customers securely prepare for the holy pilgrimage while shielding them from the risks of unregulated agents.

Speaking after the launch, Executive Head of Retail Banking, Sina Kamagate, described the initiative as a testament to the bank’s inclusive approach to financial services.

This day is endearing to all of us because GCB has always remained an inclusive bank,” he said. “Today, what you have witnessed is a further demonstration of how inclusive and responsible our banking solutions are.”

The account requires a minimum balance of just GHS 50, enabling customers to build savings gradually for Hajj or Umrah.

Importantly, funds will be transferred directly to accredited Hajj Board and the respective agents informed to eliminate the risk of fraud.

“We have heard several news items in times past of agents who ran away with monies belonging to potential pilgrims,” Kamagate noted.

With the Hajj Savings Account, you no longer have to be saving money with personalities.”

The product also comes with embedded insurance cover, provided in partnership with Hollard Life Insurance, at no additional premium.

The cover includes death benefits for families of account holders as well as protection against theft and loss of property.

Sina Kamagate added that the product offers flexibility, allowing customers to continue saving even after completing Hajj, or to convert the account into a standard savings product for other personal goals such as holidays.

The initiative forms part of GCB’s broader ambition to deepen Islamic banking in Ghana.

We have an Islamic banking unit, and just yesterday the Bank of Ghana engaged the Chief Imam and his elders on the idea of bringing Islamic banking,” Kamagate revealed.

“As GCB, the premier bank in Ghana, we are working towards the establishment of a fully-fledged Islamic banking unit.”

With Hajj 2026 months away, the bank is encouraging early sign-ups, stressing that contributions as little as GHS 100 monthly could help customers achieve their pilgrimage goals.

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