Category: Banking And Finance
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Bank profit growth slows to about 6% in January, February due to COVID-19 – BoG Report
A slowdown in the growth in gross loans and advances given out by banks in the first 2 months of 2021 due to pandemic-induced weaknesses, has negatively impacted the interest income of such financial institutions. This has thus contributed to an overall slowdown in the growth of profits of banks in January and February 2021.…
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Letshego Africa targets Ghana to expand digital skills with Mariam Kaleem Agyeman-Buahin appointment
Letshego Group, the 22 year strong pan-African inclusive finance institution, has reiterated that digitisation is driving the success of its Transformation Strategy, extending the reach of its financial solutions to mass and middle income individuals as well as Micro and Small Entrepreneurs (MSEs). To deliver its 5-year targets, the multinational is recruiting digital skills from…
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Be prudent in risk assessment – Economist to local banks
Banking consultant, Dr Richmond Atuahene, has urged local banks in the country to be prudent in their risk assessment to improve on their non-performing loans. His call follows the comparably better performance of foreign-owned banks to local banks between the years 2019 and 2020. Data from the financial statements of some leading banks in the…
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Bankers Association highlights need for citizens to reactivate dormant accounts
The Ghana Association of Bankers has intensified calls by the Bank of Ghana (BoG) to all persons with dormant accounts to reactivate their accounts. BoG, last month, issued a directive on unclaimed balances and dormant accounts for banks and specialized deposit-taking institutions. The directive sought to ensure that balances in accounts that have been left…
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Don’t lend to government at the expense of private sector – Banks urged
Stakeholders at the launch of a report assessing Ghana’s competitiveness and available opportunities for the country under the African Continental Free Trade Area (AfCFTA) have blamed the continued lending by some banks to government as well as the high treasury bill rates, for the low level of credit advanced by financial institutions to the private…
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Adhere to high standards to enhance confidence in financial sector – eTranzact Ghana Executive Director
In order to achieve successful financial inclusion in the country, Executive Director of eTranzact Ghana, George Babafemi has charged operators within the budding FinTech space to seek the backing of regulators of the industry when designing products and services for public use. According to him, this will serve as an assurance to end-users that their…
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Daniel Mminele steps down as Absa Group Chief Executive
The Absa Group Board and the Group Chief Executive, Daniel Mminele, have come to an agreement pursuant to which he has stepped down as a Director and Group Chief Executive, and will be leaving the group with effect from 30 April 2021. The parties have not managed to achieve alignment in relation to the group’s…
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Banks urged to meet BoG criteria for dividend payment to shareholders
Banking Consultant, Nana Otuo Acheampong has urged banks to work assiduously to satisfy the six minimum criteria set by the Bank of Ghana as preconditions for the payment of dividends to their shareholders. The Central Bank in a new notice to Banks and Special Deposit Taking Institutions (SDI’s), urged the institutions to desist from declaring…
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Everbond Financial Services Ltd. rebrands as Cititrust Capital Ltd.
Everbond Financial Services Limited has rebranded as Cititrust Capital Ltd. This follows shortly after the corporate transition and completion of the acquisition of Everbond Holdings Limited, (ie. The former holding company for Everbond Financial Services Ltd) by CFS Group (Ghana) Plc accompanied by a successful restructuring of the company. Since its incorporation in the year…
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UBA is well-positioned to benefit from recovery trends in 2021 – Group Chair
Pan African financial institution, United Bank for Africa (UBA) Plc, has assured its teeming shareholders and investors of even greater returns in the coming months, with the bank having established a diversified business model that ensures impressive performance even in periods of uncertainty, across its geographical network. UBA Group Chairman, Tony O. Elumelu, who gave…