HomeBanking & FinanceOmniBSIC offers lowest interest rate on loans to SMEs over a period of 5 years- BoG
Banking & Finance

OmniBSIC offers lowest interest rate on loans to SMEs over a period of 5 years- BoG

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A new report by the Bank of Ghana has shown that OmniBSIC Ghana Ltd provided the lowest interest rate of 33.06 percent on loans to Small and Medium Enterprises (SMEs) in March 2024 over a tenor of 5 years.

This was followed by Republic Bank with 35.02 percent and Standard Chartered Bank with a rate of 35.81 percent under the same tenor.

The Annualized Percentage Rate (APR) report released by the Bank of Ghana in April 2024 captured interest rates offered by 23 banks in the country.

“The APR reflects the true cost of a loan that economic agents are confronted with when they go through an approval process to secure a loan facility. It comprises the Ghana Reference Rate, bank specific risk-premia and other bank-specific charges” the Bank of Ghana said.

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