Number of banks operating in Ghana must be reduced - Fidelity Bank MD

Fidelity Bank has welcomed a move by the Bank of Ghana aimed at reducing the number of banks operating in the country.

Managing Director of the bank, Jim Baiden argues that the intention of the Central Bank to encourage banks to consolidate will be more beneficial to Ghana’s capital market.

He is convinced that “a small country like Ghana with a population of 27 million people cannot have 36 banks. It’s over the top. Nigeria with their population of around 200 million have just 25 banks. We are over banked”.

He added that consolidating will enable banks provide better services and be better positioned to address the needs of the clients and expand as well.

Jim Baiden opined that, “I think we should rather consolidate and do financial deepenings so that at least we bring on board Ghanaians who are unbanked. That is what we should be doing because it’s a move in the right direction”.

The Managing Director of Fidelity Bank was speaking at the side-lines of a Book launch hosted by the bank at its headquarters in Accra Thursday.

The book titled, “Developing Africa’s Financial Services: The Importance of High-Impact Entrepreneurship” captures in chapter 7, a case study of the success of Fidelity Bank.

It also celebrates the impact the bank has made as a private enterprise in the banking industry and hails it as a success story on the African continent.