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Isaac Twumasi Quantus's Blog (93)

Access Bank (Ghana) takes measures to address breaches of Foreign Exchange ACT 2006 by former employees

Access Bank (Ghana) Limited has confirmed that it has cooperated fully with the Bank of Ghana in relation to past irregularities in foreign exchange transactions committed by some of its former employees.

It should be noted that Access Bank (Ghana) did not approve of, nor gain any financial profit or advantage from these irregularities.

The Managing Director of…


Added by Isaac Twumasi Quantus on July 30, 2012 at 11:48am — No Comments

Airtel Honored at EuroFinance Awards

Bharti Airtel Limited (Airtel), a leading global telecommunications company with operations in 20 countries across Asia and Africa including Ghana, has won the ‘Highly Commended Award’ at this year’s ‘EuroFinance Treasury Awards for Excellence’.

The EuroFinance Treasury Awards are widely regarded as the most prestigious in the field of treasury excellence and winners needed…


Added by Isaac Twumasi Quantus on July 18, 2012 at 9:56am — No Comments

Ecobank Ghana named “2012 Best Bank in Ghana” by Euromoney

Ecobank Ghana has been named “Best Bank in Ghana” by the leading international finance magazine, Euromoney.

The awards were presented last night at the 2012 Euromoney Awards for Excellence Dinner in London. The Ecobank Group also scooped the award for Best Bank in Africa.

Regarded as the flagship awards for financial services globally, the Euromoney…


Added by Isaac Twumasi Quantus on July 18, 2012 at 9:45am — No Comments

BOG alerts public to be careful in dealings with micro finance companies

The Bank of Ghana (BOG) has alerted the general public to be more careful in their dealings with micro-finance companies to avoid being fleeced of their monies.

According to the Central Bank, members of the public should first consult it to verify the credibility of any such companies before they enter into any business transaction with them.

Mr James Addai, Ashanti…


Added by Isaac Twumasi Quantus on July 17, 2012 at 9:39am — No Comments

BoG to upgrade 50 cedis note

The Bank of Ghana has outdoored an upgraded 50 Ghana cedis bank note.

The note is expected to be in circulation from August.

It will however co-circulate with the old note until it is completely withdrawn.

The bank note comes with some enhanced security features, prominent among them, is the green cocoa pod spark.

This will replace the silver…


Added by Isaac Twumasi Quantus on July 10, 2012 at 11:12am — No Comments

ADB wins International Quality Award

The International Star for Quality in Leadership Award, Gold Category, was conferred on the Agricultural Development Bank (ADB) last week at the 16th Business Initiative Directors (BID) 2012 International Quality Awards held in Paris, France.

The award was conferred on the bank for outstanding business achievements, for perseverance and leadership in excellence and quality, and also on the…


Added by Isaac Twumasi Quantus on July 9, 2012 at 8:34am — No Comments

Standard Chartered Bank to boost support to Small and Medium Enterprises

Standard Chartered Bank Ghana has launched its SME customer business strategy aimed at meeting the changing needs of the fast-growing Small and Medium Sized Enterprises (SMEs) segment.

The value proposition also reinforces its brand promise of ‘Here for good.’

The bank first launched its SME Banking business approach in 2002 and the launch was used to mark the…


Added by Isaac Twumasi Quantus on July 9, 2012 at 8:24am — No Comments

GCB customers urged to patronize e-banking services

Customers of the Ghana Commercial Bank (GCB), have been urged to make maximum use of the numerous e-banking services offered by the bank to transact their businesses.

This will help ease congestion that often characterized the halls of the bank across the country.

Mr Kojo Addai Mensah, Chief Operating Officer of the bank, who made the appeal, said management was not happy with long queues in the banking halls.

He was speaking at a ceremony to relocate the Ejisu…


Added by Isaac Twumasi Quantus on July 4, 2012 at 10:23am — No Comments

Banks turn to cardless ATMs

More banks are set to adopt a technology that allows their customers and third parties to withdraw cash from ATMs without a card.

United Bank for Africa (UBA) and Energy Bank have deployed the innovation while discussions are ongoing with Access bank, Zenith Bank and Ghana Commercial Bank (GCB) to follow suit.

“We foresee a situation where ATM cards will fade…


Added by Isaac Twumasi Quantus on July 3, 2012 at 8:53am — No Comments

BOG Gross International Reserves down to $4.3 billion

The Gross International Reserves of Bank of Ghana (BoG) declined to $4.3 billion as at June 8, 2012 from $5.4 billion in December 2011, the Central Bank said in Accra on Wednesday.

This is equivalent to 2.5 months imports cover of goods and services.

Mr Kwesi B. Amissah-Arthur, Governor of Bank of Ghana, said for the first quarter of 2012, the Balance of…


Added by Isaac Twumasi Quantus on June 14, 2012 at 9:36am — No Comments

Stanbank update on group's performance

At the annual general meeting, chief executive Jacko Maree will refer to this update regarding the group's performance for the first four months of 2012 in comparison with the same period for 2011.

Banking activities Net interest income for the first four months of 2012 benefited from good loan growth towards the end of 2011 and the ongoing improvement in new business lending margins. Non-interest revenue was boosted by good growth in trading revenues albeit off a lower base…


Added by Isaac Twumasi Quantus on May 31, 2012 at 10:47am — No Comments

UT Bank wins 2011 Bank of the Year

UT Bank has been adjudged the 2011 Bank of the Year at a ceremony held Saturday night at the Accra International Conference Centre.

The bank won two other awards: Best bank – IT/Electronic banking and Best Bank – Financial Performance – out of the 18 categories that were up for grabs. Unibank snatched the highest of all the 25 banks going home with four awards.

Unibank won the Best Bank – Corporate Banking, Best Bank Customer Care, Best Bank – Trade Finance and Best Bank –…


Added by Isaac Twumasi Quantus on May 28, 2012 at 8:51am — No Comments

Stanbic Bank announces landmark $300m loan syndication for MTN Ghana

MTN Ghana has raised $300-million in medium-term funding facilities in syndicated loan to expand and improve its network.

The amount raised include a local component of GH¢ 410 million term funding, making this the largest local currency deal in the country’s history.

The remaining $60 million was taken up by foreign banks.

Stanbic Bank Ghana and Standard Bank South Africa, both members of the Standard Bank group, led the syndication in which a total of 20 local…


Added by Isaac Twumasi Quantus on May 23, 2012 at 9:24am — No Comments

Access Bank, Intercontinental merger wins M&A award

The merger deal between Access Bank and the defunct Intercontinental Bank in 2011 has been adjudged Africa’s top merger and acquisition (M&A) deal by the Banker Magazine.

The magazine, a member of the Financial Times stable of publications, therefore selected Access Bank and Intercontinental Bank deal as the “2012 Mergers and…


Added by Isaac Twumasi Quantus on May 22, 2012 at 9:06am — No Comments

Ecobank: making it in Africa, and why size matters

The greatest opportunities (for investors in banking and financial services industries) will lie in the mass retail segment. Less than 20% of the African population has access to formal banking facilities, which represents a huge opportunity.

Nelson Mandela once said: “It always seems impossible until it is done.” Today, Ecobank is recognised as a major…


Added by Isaac Twumasi Quantus on May 17, 2012 at 11:00am — No Comments

Access Bank grows big

Following completion of the final phase of its merger with Intercontinental Bank Ghana (IBG), Access Bank Ghana has finally joined the top echelons of the banking industry.

The bigger Access Bank now ranks among the top-seven in the Ghanaian banking industry by most metrics. and is the most capitalised in terms of paid-up capital which stands at GH¢118.3million.

Total assets have soared to GH¢930million and the bank has an expanded customer-base of 150,000, served…


Added by Isaac Twumasi Quantus on April 30, 2012 at 10:46am — No Comments

Report finds improved business regulations for East African SMEs

A new International Finance Corporation and World Bank report shows that the business environment for entrepreneurs in all five economies of the East African Community (Burundi, Kenya, Rwanda, Tanzania, and Uganda) improved in 2010-2011, as the countries implemented critical regulatory reforms.

The report, released on Wednesday, 11 April 2012, compares business regulations and identifies good practices…


Added by Isaac Twumasi Quantus on April 19, 2012 at 8:00am — No Comments

Private equity firm ECP targets east Africa

Africa-focused private equity firm Emerging Capital Partners is planning to deploy a "significant amount" of capital in fast-growing east Africa and plans to open an office in Kenya later this year, a senior executive said on Tuesday.

Alex-Handra Aime, a Johannesburg-based director at the firm, also told the Reuters Africa Investment Summit that ECP would be announcing a deal in the east African consumer sector as early as next month.

"We really see Kenya leading the path,…


Added by Isaac Twumasi Quantus on April 18, 2012 at 9:45am — No Comments

StanChart to ride Africa consumer boom

Asia-focused Standard Chartered Plc said it aims to double its branches in Africa to ride a consumer boom which has several years to run in the fast-growing continent.

The consumer business in Africa made up $131 million of the bank's total pretax profit of $6.78 billion in 2011 but earnings rose 27 percent from the previous year on the back of growth in segments like personal loans.

"We have got roughly in Africa about 170 branches and our goal is to double that over the…


Added by Isaac Twumasi Quantus on April 18, 2012 at 9:40am — No Comments

Ecobank sees growth in Chinese business

Chinese investments into Ghana through Ecobank have increased by almost 15% over the past year, says Managing Director of the bank, Samuel Ashitey Adjei.

“The number of Chinese businesses, quantum of inflows, deposits and facilities to Chinese companies with local presence have increased by nearly 15%, while foreign exchange inflows and deposits -- virtually non-existent a few years back -- are currently in excess of US$110million,” he said.

Chinese goods have…


Added by Isaac Twumasi Quantus on April 3, 2012 at 10:04am — No Comments

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