The Managing Director of the Guaranty Trust (GT) Bank has downplayed calls for the Bank of Ghana to revise the age at which one can own and run a Savings Account.
[contextly_sidebar id=”MfwAtZUlZ4ak0UmVgqVBy7lSquPdl1r7″]The current age limit of 18 is said to be hampering efforts in instilling the culture of savings into the youth.
According to the MD of GT Bank Lekan Sanusi reducing the limit will not encourage financial inclusion as being promoted.
There have been earlier calls from some captains of the banking industry for the central bank to consider reducing the age limit.
Managing Director of the Guaranty Trust (GT) Bank Lekan Sanusi tells Citi Business News that banks must rather be innovative.
“That will be a matter of law; we should not forget that everything we do in life is guided by regulation and law. If the adult age is 18 then anybody below 18 years is a minor and will need the approval or the consent of the parent to open an account. I don’t think that is what will drive financial inclusion. What will drive financial inclusion will be the innovation of financial institutions to keep on bringing people into the banking system so not age or any other thing.”
Lekan Sanusi insist that the youth who per the banking laws are below 18 years must have a guardian to approve their opening of an account with a bank or a financial institution.
He spoke to Citi Business News at the sidelines of an interaction with the media as GT Bank makes a strategic move into maritime industry.
This has led to the bank opening a new ultra modern branch located at the Ghana Ports and Harbours Authority (GPHA) head office at the Tema Harbour to serve the players within the maritime industry.
According to Lekan Sanusi “in 2012 when we were drawing up our strategic plan, we had looked at certain key sectors in the economy and one of the sectors we looked at was the maritime sector and if you ask me maritime is an important gate way for any economy, especially an import dependent economy like Ghana. Therefore this particular branch is dedicated to the maritime industry.”
The new branch brings to 31 the number of branches GT Bank has in the country.
By: Norvan Acquah – Hayford/citifmonline.com/Ghana