Banking & Finance

BoG in GH¢4.7bn murky contract

microfinance

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 ...

Read More »

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

microfinance

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

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, ...

Read More »

UT Bank resumes trading on GSE after temporary halt

Capital bank

The Ghana Stock Exchange has announced that UT Bank will resume trading shares on the stock market from Monday, January 9, 2017, after a temporary halt. The bank trading activities were halted by the Ghana Stock Exchange after UT failed to publish its quarterly audited accounts to shareholders. Meanwhile, UT Bank has also released a circular to brokers and shareholders ...

Read More »

Akyempim Rural Bank and Gomoaman Community Bank to merge

The shareholders of distress Akyempim Rural Bank have voted overwhelmingly to merge with Gomoaman Community Rural Bank. The move is as a result of the banking getting into bankruptcy and their inability to meet a new capital requirement set by the regulating of the banking and financial industry, the Bank of Ghana. The central bank has given all rural and ...

Read More »