Clarification on Interest Rates, Loan Fees, and Leadership Process – PHCCU
The industrial average rate of interest on loan per CUA standard is 3% per month translating to 19.5% per annum. However, per the Board’s vision of financial freedom for our members, the rate is pegged at 2% per month giving an annual rate of 13% which makes PHCCU the second credit Union in Ghana charging the least rate of interest on loan, although the union only existed for only 15years.