Articles
13Nov

Zeepay partners Transfast to extend local, international remittance reach November 9, 2020

Zeepay, a fast-growing financial technology (fintech) company  into Mobile Financial Services across Africa, has announced its partnership with Transfast, a Mastercard company and a leading cross-border payments service provider. This partnership will enable consumers around the world to send money directly to more than 20 million mobile money wallets in Ghana with speed, security, and certainty. Transfast processes remittances through its...

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13Nov

The pandemic provides opportunities to deepen financial inclusion

With banks witnessing significant changes in customer engagement patterns with a shift from traditional transaction channels toward digital platforms, spurred on largely by the advent of the COVID-19 pandemic, Managing Director of Fidelity Bank Ghana Limited, Julian Kingsley Opuni, believes that now is an ideal time to bring the conversation on financial inclusion to the fore. The pandemic, according to...

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13Nov

GCB gets new Managing Director

The Board of GCB Bank Limited has appointed Mr John Kofi Adomakoh as the new Managing Director (MD) of the bank with effect from today, November 9, 2020. Mr Adomakoh, a banker, replaces Mr Anselm Ray Sowah, who ended his tenure of office as the MD of GCB Bank in September this year after being in that position for more...

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13Nov

Digitisation, fintech collaboration key for resilient banking sector

Banking consultant and corporate governance expert Dr. Richmond Atuahene has said that for banks to remain resilient and safely sail through the coronavirus pandemic storm, it will be necessary for them to improve on their digitisation drive and form strong partnerships with financial technology companies (fintechs). Speaking ahead of the Ghana Economic Forum (GEF), where he is expected to share...

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30Oct

National Development Bank to take off from January 2021

The National Development Bank is now set to take from January next year, Finance Minister, Ken Ofori-Atta has disclosed. According to him, government has now been able to raise the required seed capital for the financial institution to fully begin operations. He had earlier said in the 2020 Budget that government had secured $250 million from the World Bank as initial...

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30Oct

Apex Bank applauds payment of locked up investments

The ARB Apex Bank Limited has applauded the decision by government to commence payment of locked up investments in collapsed Fund Management Companies, describing it as a major boost to strengthen the liquidity and balance sheets of rural and community banks (RCBs). The Registrar-General’s Department, Official Liquidator of Fund Management Companies, has announced that it has begun paying locked-off funds...

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30Oct

We need a people-centered and sustainable recovery post COVID

The Governor of the Bank of Ghana, who chairs the Board of Governors of the IMF and the World Bank, Dr. Ernest Addison, has urged colleague Governors globally to ensure the speedy formulation and implementation of policies to protect the gains made prior to the Coronavirus crisis. In a virtual address to Governors at the IMF-World Bank annual...

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30Oct

BoG cleanup given rise to stronger banks – Fitch

The banking sector cleanup undertaken by the Bank of Ghana has given rise to a “robust banking sector” in Ghana, credit rating agency Fitch has said. Due to mismanagement and other infractions, the Bank of Ghana had to revoke the licences of nine local banks, 347 insolvent microfinance companies and 39 microcredit companies. In its latest review on Ghana’s economy, Fitch...

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30Oct

Educate public on deposit protection scheme – Otuo Acheampong to banks

Banking Consultant, Nana Otuo Acheampong has called on financial institutions in the country to prioritize educating the public on the deposit protection scheme. According to him, this will ensure its success as well as increase the confidence of customers in the banking sector. The Ghana Deposit Protection Insurance Scheme was established to protect insured depositors against the consequences associated with the...

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30Oct

Some MFIs, RCBs defaulting on credit reporting

Notwithstanding improvements to Ghana’s credit referencing system, the central bank has indicated that some financial institutions have refused to subscribe to credit bureau services, contrary to the Credit Reporting Act 2007 (Act 726). This has been prevalent among the rural and community banks (RCBs) as well as microfinance institutions (MFIs). The Bank of Ghana (BoG) stated in its latest credit referencing...

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