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Non compliant fintechs to lose licenses – BoG

Dr. Ernest Addison - BoG Governor

The Bank of Ghana will revoke the license of any financial technology company that fails to comply with regulatory requirements outlined in the new payment systems and services bill. The fintechs are expected to be compliant at a time where electronic payment systems are increasing significantly. This caution is also contained in the Bank of Ghana’s 2017 Payment systems report. ...

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Ishmael Yamson steps down as Board Chairman of Stanchart

Ishmael Yamson

The Board Chairman of Standard Chartered Bank, Mr. Ishmael Yamson has announced his resignation from the position effective June 30, 2018. His resignation comes after serving in that capacity for thirteen years; from 2005 to 2018. Mr. Yamson announced his resignation at the bank’s Annual General Meeting (AGM) on Thursday, June 7, 2018. Speaking to Citi Business News on his ...

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Bayport to raise GH¢300m from stock market


Savings and Loans Company, Bayport, has told Citi Business News it will be raising 300 million cedis from the Ghana Stock Exchange, through the issue of corporate notes. According to the company, the move is in fulfillment with plans to expand its initial 200 million cedis note programme. The Managing Director of Bayport, Nii Amankra Tetteh disclosed this when the ...

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ESLA Plc debunks CBOD report on petroleum revenue receipt

Senyo Hosi new

The company responsible for clearing the energy sector debt, ESLA Plc has debunked reports by the Chamber of Bulk Oil Distributors (CBOD) that a total of 915 million cedis was not reported by government in 2016 and 2017 petroleum revenue receipt. The chamber last week alleged in its 2017 industry report that government failed to account for 576.63 million cedis ...

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Islamic scholars urge BoG to license Islamic banking

islamic banking

Some Islamic scholars are urging the Bank of Ghana(BoG) to license Islamic banking in Ghana to improve the financial system. The central bank in 2016, withdrew the license it gave to Saudi Arabia-based financial company, Makkah, after the company failed to meet key requirements for the granting of a full operation license on two occasions. The BoG however maintains that ...

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Access Bank introduces access money transfer


In fulfilment of its new strategic objective to become Africa’s gateway to the world, Access Bank, one of Ghana’s leading retail banks has launched a new money transfer service known as “AccessAfrica”, to remove boundaries across Africa with the ease and convenience of moving funds around. The new service allows both customers and non-customers of the Bank transfer money using ...

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Citi Business Festival: Dr. Bawumia speaks at first event


The 2018 Citi Business Festival will kick off this morning with the African Sovereign Wealth Funds Summit which will be held at Marriot Hotel, Airport City at 9:00am. Vice President Dr. Mahamudu Bawumia will be the Guest of Honour and Keynote Speaker. Other speakers include Paulo Gomes, Chairman of Africa Sovereign Wealth Advisory Group, Michael Kottoh, co-author and Managing Partner ...

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2018 Citi Business Festival starts today

Citi Business Festival

The most anticipated business festival —the Citi Business Festival will be launched today on Citi FM. The festival will include a series of on-air and outdoor events on different areas of the economy. Partnership programmes The festival will kick off this morning with the African Sovereign Wealth Funds Summit which will be held at Marriot Hotel, Airport City at 9:00am. ...

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BoG directs struggling banks to present merger plans

Dr. Ernest Addison, Governor of the Bank of Ghana

The Bank of Ghana (BoG) has asked all local banks that may not meet the 400 million cedis capital requirement to present their plan for mergers. This, according to the central bank is to create space for the banks to consolidate their operations with the other entities after December 31st 2018. The Governor of the Bank of Ghana, Dr. Ernest ...

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GCB Bank’s profit drops by 29% in 2017

Ray Sowah - MD, GCB Bank

The profit of GCB Bank dropped by about 29 percent in 2017. The bank’s profit declined from 299 million cedis to an estimated 213 million cedis between 2016 and 2017. Meanwhile for the first three months of this year, GCB Bank’s financial report shows another drop in profits. The financial statement released by GCB Bank shows that even though revenue ...

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