Business in Ghana

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Posts Tagged ‘SME’

First National Obtains Universal Banking Licence

Posted by Business in Ghana on June 18, 2014

First National Savings and Loans Company Ltd has obtained a provisional licence from the Bank of Ghana (BoG) to operate as a universal bank.

To be known as First National Bank Limited under the new operational licence, the feat has largely been as a result of the fast growth the company has chalked up, with its expansive network across major capital cities, rural and urban centres around the country.

This has endeared the company to many traders, small and mediums scale enterprises.

The new license allows the company, which will soon announce its re-branded status, to deliver a vast array of financial services such as trade financing, all forms of deposit taking, foreign exchange services, issuance of cheques and settlement of cheque transactions.

The Chief Executive Officer of First National, Mr Patrick Anumel, told the Daily Graphic shortly after a press briefing in Accra last Tuesday that the bank was now in a position to help its customers better by providing them with enhanced services.

He said the focus of the bank had, however, not changed as it was still aimed at serving the ordinary Ghanaian, including farmers, market women, students and operators of SMEs.

Mr Anumel noted that the depreciation of the cedi and the rise in inflation rate had affected the cost of doing business in the country.

He stressed the need for the bank to improve on its services with a diversified range of services.

“If you have a diversified range of services, then it means that your source of revenue is also going to be diversified and therefore favour you,” he explained.

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Posted in Financial Services, Uncategorized | Tagged: , , , , | 3 Comments »

SMEs Appeal For Removal of Hurdles to Access Bank Loans

Posted by Business in Ghana on October 18, 2010

By Carly Ahiable, Business in Ghana

Owners of small businesses in Accra have appealed to commercial banks to ease their rigid conditionality for loans to make it possible for more small and medium enterprises (SMEs) to access funds to develop their business.

The made the appeal during questions and answers time at the second day of a two-day business focused seminar dubbed “Nkontabuo Krakye” seminar developed to get SMEs operators to master and manage their businesses to improve profitability.

The “Nkontabuo Krakye” is carved out of a weekly business programme on an Accra radio station, the Asempa FM that educates SME practitioners on proper business management and record keeping. Read the rest of this entry »

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The SME Conundrum

Posted by Business in Ghana on October 17, 2010

By Sydney Casely-Hayford, sydney@bizghana.com

We are paralysed in such a way that our thinking capacity is hemmed in by old age practices and cultural norms that threaten to collapse our entire financial system.  Our way of doing things makes corruption a norm rather than a cancerous option to be avoided, replaced by sound financial management and good book keeping at the least.

What has now come to be known as the “UT Way – a loan in 48 hours” is fast challenging the traditional banks, as recent upstart in the financial sector, UT Bank takes over from the orthodox way of business as usual.

Last week, 8th October, Retired Captain Budu Koomson of UT Bank provided great insight into possible solutions for the SME conundrum of access to finance.

Successive Governments tout the private sector as the engine of growth for Ghana and in consequence the SME sector becomes the focus for all planning but unfortunately, more rhetoric than action.

Presenting his concepts for “curing” the SME problem, Budu Koomson described three pillars and several anchors to pin these pillars down for possible resolution to our SME conundrum.

Government, Banks as Suppliers and SME’s.  A crisp list of his views needs very little elaboration. Read the rest of this entry »

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