Business News Tue, 11 Oct 2016

Bankers debunk claims of possible deposit slowdown

Some banks have debunked claims of a possible slowdown in deposits from customers due to the upcoming general elections.

According to them, although they are threatened by the upcoming elections as businesses in the industry may slow down, they are hopeful of a good 4th quarter.

“We don’t expect deposits to slow down; the level of business in certain areas may go down a bit but then we think it will be compensated for by increase in business in other areas because with elections, there is equally a boom in the sale of election paraphernalia,” Managing Director of Capital Bank Rev. FitzGerald Odonkor said.

The CEO however explained to Citi Business News foreign investments are rather likely to decline over the uncertainty of the electoral results.

“I think that what normally slows down during this time is probably investments from outside the country but not for our local investors who are already in the country,” he stated.

Meanwhile the Bank has opened its new branch at Labone in Accra.


This brings the number of branches to four.

Speaking to Citi Business News at the sidelines of the launch, Rev. Fitzgerald Odonkor encouraged Ghanaians to invest to obtain good interests.

“There are other things that people also take advantage of during the election year but I urge Ghanaian to inculcate the habit of saving to get something to rely on in a rainy day.”

Speaking on the newly launched office at Labone in Accra, Rev Odonkor revealed that moving forward, Capital Bank will expand its branch network to 22 by rolling out ultra-modern branches in East Legon, Achimota and Kumasi.

He added that the bank is in the process of deploying over 38 sophisticated ATMs to entreat customers to the luxury of interbank and intra-bank funds transfer from their Capital Bank account to any bank through the Ghana Instant Pay platform and the internet banking platform.

Source: citifmonline.com