Business News of 2014-06-18

First National obtains universal banking licence

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.