Small and Medium Enterprises (SMEs) in Ghana will now have increased access to credit for their projects with the coming of yet another universal commercial bank, First National Bank (FNB).
[contextly_sidebar id=”l3PFOK076YSPzHK3nmgAG58vScrdiuXV”]According to the Chairman of FNB Bank Ghana, Michael Larbie, the bank will provide an excellent product offering, especially in the digital space (online and mobile banking) as well as outstanding customer service.
First National Bank which has First Rand Bank of South Africa as its parent company, began operations in Ghana in late 2015 after obtaining a universal banking license from the Bank of Ghana.
Speaking to Citi Business News at the sidelines of the formal opening of the Bank today, Chairman of First National Bank Ghana, Michael Larbie said the bank hopes to help reduce the about 70% unbanked population targeting SMEs.
“We want to get to know the SMEs in the country; we have been in markets that they have operated in and we have spent time to come to appreciate SMEs. We are patient with them we would like to go on a journey with them so that we can keep good financials.” Michael Larbie noted.
He added,”With a combination of technology, mobile banking and vehicle banking and good interaction with them, we can make a difference in the way they approach. Obviously one also expects some changes from them in the way they do things. it is going to be a journey and we want to be in the economy without carrying good SME players along.”
Meanwhile the outgoing Governor of the Bank of Ghana, Dr. Henry Kofi Wampah urged the bank to achieve its target but served notice the central bank will crack the whip on the bank when the need be.
“I am privileged to be part of this as the bank opens its doors to the Ghanaian public as the second South African Bank in Ghana. With the start of operations, the Ghanaian banking landscape will see some further deepening in financial inter-mediation and increase cross border transaction among Ghana, South Africa and the region as a whole. We at the Central bank will support the Bank in achieving its objectives but will be quick to crack the whip should you flout the banking regulations.” Dr. Wampah stressed.
By: Norvan Acquah – Hayford/citibusinessnews.com/Ghana