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    BoG cautions against use of Ghana Cedi for bouquets and hampers

    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    GH¢5.5bn approved by Parliament not only for Blackshield customers – SEC

    BoG assures of enhanced educational campaigns to ensure proper handling of local currency

    Youth in Accountable Governance calls for passage of outstanding revenue bills

    GRA reiterates calls for businesses to embrace  E-VAT

    IES predicts drop in fuel prices from April 1

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    CUTS International pushes for passage of Competition bill

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    Bank of Ghana increases Monetary Policy rate to 29.5%

    Industry experts convene to discuss diversification strategies for pension funds

    It’s time to give women top posts in multilateral institutions – GCBL Chairman 

    Global Chamber of business leaders enters into partnership with IEFS

    Gold for Oil policy will save Ghana $4.8bn annually – Veep

    Energy Minister scheduled to speak on Ghana’s near-term opportunities at NAEPEC 2023

    Standard Chartered appoints Ebenezer Twum Asante as Chairman of Board of Directors

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    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

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    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

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Cal Bank adopts agency banking for expansion

byPius Amihere Eduku
May 23, 2019
in Banking And Finance, Business, News, Top Stories
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CAL Bank has disclosed its new strategy to resort to agency banking to meet the changing phase of banking in Ghana.

As a result, the bank says it will reduce the construction of brick and mortar structures which should help in optimizing cost while improving on its service delivery.

The Managing Director of Cal Bank, Frank Adu Junior disclosed this at the inauguration of the new Head Office of Cal Bank on Wednesday [May 22, 2019].

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According to Mr. Frank Adu Junior, the new model is to help the bank expand its footprint as it works to meet the changing phase of the needs of customers of banks.

He adds that the bank intends to establish about two thousand of such agents.

Mr. Adu Jnr further explained that the move is to also capitalize on the financial inclusion drive that emerging economies like Ghana is largely lagging behind.

“These agents will be able to perform at every point the basic requirement or product that a branch can deliver. It allows us to now spread ourselves across the entire country rather than just being in selected regions…I can predict that in the next 15 years, branches of banks are going to become showrooms,” he said.

The Cal Bank boss however assured that the move should not lead to a drop in the number of employees hired by the bank.

President Akufo Addo on his part, congratulated the efforts by Cal Bank as an indigenous institution which is working to increase the number of unbanked population.

 

Citing the bank’s resilience in the recent banking sector clean up, the President also pledged of the government’s support to enhance the use of digital financial platforms.

“We will work with financial institutions and regulators to promote digital finance and mobile money usage and thereby help formalize the Ghanaian economy. With reforms to our payment systems, we anticipate that Ghana will have a strong competitive edge in the region for financial inclusion and access to credit,” he said.

Meanwhile the Governor of the Bank of Ghana, Dr. Ernest Addison indicated that the regulator says the increase in assets of banks at least for the first quarter of 2019, backs the need to promote a sound financial market to restore consumer confidence.

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