Banking & Finance

Cedi seen wobbling in first quarter

west africa

The cedi is expected to continue to wobble in the first quarter of the year as demand pressure increases, although analysts believe the instability will be short-lived. From November to now, the cedi has depreciated by over 10percent, and has already done a year-to-date depreciation of 1.8percent against the US dollar, largely due to low commodity prices and low foreign ...

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BoG in GH¢4.7bn murky contract

Bank of Ghana

The Bank of Ghana (BoG) has awarded a multi-billion-cedi contract to Sibton Switch Systems Limited to implement a retail payment system infrastructure in Ghana. The contract, which is seen by many industry experts as unnecessary and shady, will see Sibton Switch Systems Limited – a company formed only in August 2015 – run a system to make banks, mobile money ...

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Cut number of banks from 33 to 15- Analyst to BoG

Bank of Ghana

Some business and financial analysts have begun expressing worry over the growing number of banks in the country. There are currently about 33 banks operating in the country with the number expected to increase as more financial institutions line up to receive licenses from the Bank of Ghana. Proponents for a cap on the number of banks in the country ...

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Letshego takes over afb Ghana Plc

Letshego

One of Ghana’s fastest growing non-banking financial house afb Ghana Plc (afb), the thebftonline.com has gathered, has been taken over by Letshego Holdings Limited (“Letshego”), an inclusive finance focused group with consumer lending, microfinance and deposit-taking subsidiaries across Southern, East and West Africa. The takeover the thebftonline.com understands is complete 100% acquisition of the Ghanaian non – banking financial institution ...

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Heritage bank to commence operations in February

Heritage bank, one of the new banks which recently got the green light from the Bank of Ghana(BoG) to operate as a commercial bank in Ghana is to begin full operations in February this year. The bank which is a wholly-owned Ghanaian bank, got the nod from the BoG to commence business operations as a universal Bank in the last ...

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Number of banks in Ghana to hit 37

Despite calls for banks to merge in order to build their capacity, Business News has gathered that four more banks have applied to the Bank of Ghana(BoG) awaiting approval from the central bank to commence operations. Out of the four, two are new banks applying to operate in the country, while the remaining two are Savings and Loans companies. If ...

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BEIGE acquires Universal Pensions

Beige

The BEIGE Group, a Financial Services Provider, has acquired Universal Pensions Master Trust (UPMT), a licensed corporate trustee. This brings to two the number of corporate trustees that have been acquired by TBG in the last 18 months. TBG’s first acquisition of a corporate trustee firm was in 2014 and the acquiree firm was Legacy Pension Trust (LPT). These transactions ...

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Stanbic Bank denies negligence in recent fraud scandal

Stanbic bank

Stanbic Bank has denied assertions that negligence on its part could have contributed to the recent fraud scandal involving a female staff. A sales officer, Martha Amakye allegedly duped about 70 customers to the tune of over GHC900 by issuing fake receipts at the bank’s Tema Community 1 Branch. She has since absconded and declared wanted by the police, however, ...

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