Business News of 2014-06-18

First National to operate as commercial bank

Savings and loans company, First National has joined the league of commercial banks operating in the country.

First National on Monday secured Bank of Ghana's approval to operate as a universal bank.

Sources close to First National say the savings and loans company will soon start operating as a commercial bank because it already has structures and branches across all the regional capitals of the country.

The savings and loans company is also planning to focus more on small businesses as part of its strategy to penetrate the market.

First National's entry would now bring the total number of commercial banks operating in the country to 28.

Chief Executive, Patrick Anumel told Joy Business the bank will focus on small business, while bringing banking to the doorsteps of Ghanaians.

"We aim to become, the people’s bank. We will maintain a strong social-enterprise culture to help improve the standard of living of all Ghanaians", he said.

He also revealed that First National will build a foundation for entrepreneurship through access to finance.

"We will be a universal bank with a difference -- go where other banks are not willing to go to bring banking to people currently excluded from the formal banking system throughout the country" Mr Anumel added.

On May 8, 2006, First National secured approval from Bank of Ghana for as a Private Limited Liability Investment Services Firm incorporated in Ghana on May 20, 1997, under the Companies Code of 1963 (Act 179), to become a Savings and Loans Company.

During this period, the company has developed the discipline, service culture, products and technology to enable it to operate successfully as a universal bank in Ghana.

First National is one of the fastest growing financial institutions in Ghana with retail banking branches in all 10 regions in Ghana.

It has a special focus on serving small businesses and providing support for microenterprises in all sectors of the economy.

First National from inception has worked diligently to improve its delivery of services and instil discipline into its operations to be considered a reputable banking organisation.

Source: myjoyonline.com
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