Banks in Ghana are going through tumultuous times. As anyone even tangentially involved in business knows, in August of 2017, the Bank of Ghana consolidated five banks facing liquidity issues; Sovereign Bank, Royal Bank, The Beige Bank, Construction Bank and Unibank into one bank, creatively named Consolidated Bank. The changes underfoot are not over.
Want to record a loan? We’re still working on a feature to make this easier, but here is the work around.
Let’s look at an example: Imagine you just received a loan for GH₵1200 with 10% monthly interest. This loan is to be paid off in 1 year.