Category: Banking And Finance
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UBA Ghana appoints Balogun Olalekan as new CEO
The Board of Directors of United Bank for Africa (Ghana) Limited (UBA Ghana), has appointed Mr. Olalekan Balogun as the new Managing Director / Chief Executive Officer of the Bank. His appointment took effect from 08 May, 2020. He has replaced Mr. Isong Udom, who has been the Managing Director / Chief Executive Officer of…
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Review decision to re-introduce fees on electronic transactions – Bankers Assoc. to GhIPSS
The Ghana Association of Bankers is pushing for a meeting between the Ghana Interbank Payment and Settlement Systems, GhIPSS, and the Governor of the Bank of Ghana over the former’s decision to re-introduce fees charged on electronic transactions. GhIPSS, has in a statement to banks and other partner agencies, announced that it will from May…
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Receiver given 10 days to respond to GN Savings’ suit over license revocation
The Receiver of GN Savings and Loans Company, has been given a deadline of May 21, to file a response to the suit challenging the revocation of the company’s license. The deadline was given after the Receiver failed to meet the 10-day period given to it and two other defendants to file their responses. The…
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Economist urges BoG to further reduce policy rate amid COVID-19 troubles
As the Monetary Policy Committee (MPC) of the Bank of Ghana starts its meetings from today, Monday May 11, 2020, an Economist, Dr. Lord Mensah, is urging the Committee to further reduce the policy rate to bring some more relief to businesses and individuals hit by the impact of the COVID-19 pandemic. He explains that…
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COVID-19: Banks can hold AGMs electronically to satisfy BoG requirement
Banks have been urged to organize their Annual General Meetings electronically to meet the Bank of Ghana requirement of meeting shareholders every year. Per the Banking Act, banks are expected to publish their statements of account and also hold Annual General Meetings with shareholders annually. But with the imposition of a ban on public gathering…
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BoG creates Fintech & Innovation office to deepen regulation of e-payment channels
The Bank of Ghana has established a new FinTech and Innovation Office to drive its cash-lite, e-payments and digitization agenda. According to the central bank, the emergence of FinTech solutions has introduced significant complexities that require it to focus, understand and supervise effectively. Among the role of the new FinTech and Innovation Office will be…
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Receiver to pay outstanding locked up funds after 2nd level validation in May – Gov’t
Government says the receiver of the defunct Microfinance companies and savings and loans firms is set to complete a second level of validation processes to pay all affected customers whose funds were locked up after the Bank of Ghana revoked the licenses of the institutions. This follows an initial validation and payment of some 5…
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First National Bank acquires GHL Bank
First National Bank (FNB) Ghana, has acquired hundred percent of GHL Bank. This therefore makes GHL Bank a subsidiary of First National Bank Ghana. A statement to Citi Business News confirmed the move, saying, the transaction has been approved by the boards of the two banks and has received the required regulatory approvals from the…
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adb’s profit after tax drops by 36% in 2020 1st quarter
The Agricultural Development Bank’s (ADB) profit after tax for the first quarter of 2020; dropped by 36%. It recorded 13.3 million cedis for the first three months of the year, down from the 20.82 million cedis recorded in the same period in 2019. An analysis of the first quarter performance of ADB by Citi Business…
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Pensioners to be affected the most by non-payment of dividends – Financial Consultant
Financial Consultant and CEO of Sambed Consult, Sam Bediako Asante, says pensioners are likely to be impacted the most by the Bank of Ghana’s directive asking banks not to pay dividends to shareholders for the 2019 financial year. He argues that such persons, who rely largely on proceeds from the profits of companies listed on…