UT Bank was formally inaugurated on Wednesday as a universal bank to provide all the services offered by any bank. UT Bank, formerly UT Financial Services Limited, now has 25 branches, seven of which will serve as loan centres.
The occasion also saw the launch of two products- Fon4loan and T-Bill plus.
The Fon4loan product is an innovative way of adding value to the customer and eases the stress of travelling all the way to a bank branch before accessing banking services. With Fon4loan, UT Bank staff will go to the client to conduct the assessment of a loan or credit facility. This means that the ‘bank’ comes to you rather than the traditional way of customer going to a bank. The customer only goes to the banking hall when the loan has been approved and ready to be disbursed.
This is a market borrowing product with interest rates up to 4% higher than the government Treasury bill rate. This is ideal for clients who have GH¢3,000 or more to lend for a period of more than six months.
Mr Prince Kofi Amoabeng, CEO of the Bank, indicated that UT Bank is set to redefine banking the way Ghanaians want it. He said the Bank will continue to perfect what the UT brand has been known for all these years: helping the SME sector and delivering loans with speed, efficiency and respect for clients. Thus it is still committed to delivering loans in less than 48 hours.
“In times past, we gave loans to clients we did not have a banking relation with in less than 48 hours; now that we are a bank and have a banking relation with them, we should be able to deliver in less than 24 hours. In addition to the speed, we want to give our customers value for money and also convenience, hence the launch of these products” he added.
Captain Budu-Koomson, Chief Operating Officer of the UT Group, was optimistic that with UT Bank’s products and services offering, the bank will in the next few years change the face of banking to make it more friendly, respectful and convenient, thus responding to the very needs of the people.
The story of UTFSL, now UT Bank, started 13 years ago as a non-bank financial institution providing fast and efficient financial assistance to mainly the ‘unbanked’. This service earned the company almost all the awards that could be won in the industry, including the Most Respected Company, Best Non-bank Financial Institution four consecutive years and the fifth best company in Ghana today.
The merger of the ‘old’ UTBank and UTFSL has enabled the bank to meet the minimum capital requirement for an indigenous bank. The new entity is well positioned to meet the minimum capital requirement of GH¢60m by 2012.
“These are positive improvements that we hope to better by continuously innovating products and services to serve the myriad needs of customers, while we stick strongly to our most cherished values.”