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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

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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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