CAL Bank eyes unbanked sector

The unbanked sector of the country’s population remains a vital market for Cal Bank as it develops strategic products and services to further penetrate this untapped area for many banks in the country.

Mr. John Amu Inkoom, Manager, CAL Bank, Nhyieaso, in an interview with the media at the inauguration of Asafo branch observed that CAL Bank is creating suitable products to attract the unbanked sector of the Ghanaian society.

The evolving trends in the banking environment have always required innovative products and services, and commitment to ideal banking values to gain a breakthrough in the country’s ever-developing and competitive banking sector.

This goes to support efforts of universal banks in the country that are implementing strategies to capture the unbanked sector, which hitherto has been the primary target of microfinance institutions.

This follows the seeming collapse of microfinance institutions creating fear for small and medium business operators to save.

Easily accessible loans and mobile services provided by the institutions offered a great resort and convenience for petty traders and small businesses.

Meanwhile, the sudden liquidation of most microfinance firms in the country -- largely attributed to mismanagement -- eroded the confidence and trust of many customers among others in the microfinance business; seemingly creating a breakthrough for some universal banks.

Branch manager of the newly inaugurated Asafo branch Mr. Onasis Asamoah, said CAL bank is ready to provide flexible services that will revive the trust of small and medium business in the financial sector.