{
  "id": 12451941,
  "title": "GCB Bank urges MSMEs to formalise businesses for easier access to finance",
  "url": "https://urgent.news/2026/10/06/gcb-bank-urges-msmes-to-formalise-businesses-for-easier-access-to-12451941",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-06T19:15:27.000Z",
  "source": {
    "name": "Joy Business",
    "slug": "joy-business",
    "url": "https://www.myjoyonline.com/gcb-bank-urges-msmes-to-formalise-businesses-for-easier-access-to-finance/"
  },
  "original_language": "en",
  "account": "GCB Bank's Head of Micro and Small Enterprises, Cedric McAddy, has encouraged micro, small and medium-sized enterprises (MSMEs) in Ghana to formalise and register their businesses to enhance their capacity to engage with financial institutions and secure funding. During GCB Bank's MSME Caravan Clinic in Accra, McAddy highlighted that poor record-keeping and inadequate documentation are major obstacles for MSMEs in obtaining financing from formal financial institutions. The bank is addressing this issue by providing collection solutions and aiding businesses in documenting their payment records. With approximately 300 field operatives, GCB Bank collects sales data from customers and uses digital solutions to enable businesses to receive payments. This data, in turn, assists the bank in evaluating businesses for unsecured financing without requiring collateral or annual statements. The bank offers various unsecured loan products, and MSMEs can manage their accounts through mobile applications, allowing them to conduct transactions from their phones without visiting branches or using personal computers. McAddy emphasized that these initiatives aim to support sustainable business practices and contribute to job creation. He urged aspiring entrepreneurs to approach the bank for assistance in growing their businesses, stressing the importance of formalisation in strengthening relationships with financial institutions.",
  "summary": "GCB Bank’s Head of Micro and Small Enterprises, Cedric McAddy, has urged micro, small and medium-sized enterprises (MSMEs) to formalise and register their businesses to improve their ability to engage financial institutions and access funding.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "GCB Bank urges MSMEs to formalise businesses for easier access to finance",
        "url": "https://urgent.news/2026/10/06/gcb-bank-urges-msmes-to-formalise-businesses-for-easier-access-to",
        "published": "2026-10-06T19:15:27.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}