FBNBANK Ghana Repositioned to Aid Ghana’s Economy

The Chief Executive Officer (CEO) of First Bank of Nigeria Limited and Subsidiaries, Dr. Adesola Kazeem Adeduntan (FCA), has disclosed that FBNBank Ghana is well-capitalized to help drive Ghana’s economic growth and development agenda.

According to the FBN CEO, Dr. Adeduntan who recently paid a day’s working visit to Ghana to interact with the management and staff of FBNBank introduced that Ghana remains a critical part of the Bank’s overall strategy of becoming a leading international financial services group in Sub-Saharan Africa. He also introduced Mr. Victor Asante, the newly appointed Managing Director of the bank in Ghana.

Touching on a wide range of issues in relation to the Bank’s operations and contribution to the Ghanaian economy, the FirstBank of Nigeria Limited and Subsidiaries CEO (FBNBank Ghana’s parent bank) disclosed that “the recapitalization of FBNBank Ghana has repositioned the bank to be able to undertake large ticket transactions whilst the enhancement of the regulatory single obligor limit has created space for us to undertake big ticket project financing.”

Adeduntan stated further that, “We also have an expanded risk acceptance limit and target market and part of our group’s drive is to do more in the real sector space, supporting manufacturing and infrastructure projects with good cash flow potential.”

According to him, “the Ghanaian economy is reasonably big to absorb the new investment in equity and we are willing to support the course of the government as it impacts the growth in GDP, reducing unemployment and most importantly, developing the real sector of the economy for continued national development.”

Also speaking on the development, Victor Yaw Asante, MD of FBNBank Ghana said “there is a need for the bank’s staff that is predominantly youthful to uphold a culture of progressive performance that would establish the FBNBank Ghana brand as a mark of excellence that meets the needs of our valued customers to the extent that FBNBank becomes the preferred bank.”

He revealed further that FBNBank Ghana is one of the banks that has met the Bank of Ghana’s new minimum capital requirement of GH¢400 million and, among other things, the bank has strengthened its corporate governance and ensured the availability of technological infrastructure to enable it deploy innovative products and services to meet its customers’ needs.

The bank, which has evolved over the last 125 years, remains relevant to the needs of over 19 million customers in the jurisdictions it operates in sub-Saharan Africa, Europe and Asia.

FBNBank Ghana is part of its parent bank, FirstBank of Nigeria Limited’s trade hub that provides a comprehensive range of financial services to individuals and businesses and the bank has accordingly increased its channels in the country to facilitate a more convenient banking experience for its customers.

Such channels include the roll out of a mobile banking app, online banking, the establishment of bill payment platforms, VISA and Verve acquisition for the bank’s on premise and offsite ATMs. Moreover, customers of the Bank are able to do interbank transfers and mobile money transactions. A new mobile phone-based money transfer service, M-Gurush, has been introduced to South Sudan through collaboration between Trinity Technologies and Zain, which will enable users to deposit, withdraw, transfer money and pay for goods and services across Sudan.

Also commenting, South Sudan’s information minister, Michael Makuei added that this development will produce job opportunities for the youth in rural and urban areas. “M-Gurush will create job opportunities to young people both in the rural and urban areas,” he said.