Number of banks to hit 34

The number of banks in the country will shoot up to 34 by end of March this year following the granting of full banking license to Beige Savings and Loans, Business Finder can confirm.

The leading Savings and Loans Company will therefore be known as Beige Bank when it officially launches its universal banking business by March 31, 2017.

It is presently upgrading its systems in order to be integrated into universal banking status.

Analysts say more banks are set to hit the banking industry going forward.

Already Heritage Bank is planning to launch its universal banking business soon with the appointment of Dr Kwasi Botchway, former finance minister as the board chairman.

Beige has become a household brand in the savings and loans category in the country with its aggressive financial intermediation. It recently launched into investment banking with strong asset management unit.

Bond Savings and Loans is also making frantic efforts to secure a universal banking license to operate a fully fledge bank by 2018.

Media reports suggest that four more banks have applied to the Central Bank to commence universal banking business. According to the reports, two of the banks are new ones whilst the rest are savings and Loans Company.

Last year, the Central Bank granted universal banking licenses to Ghana Home Loans, Sovereign Bank, Omni Bank and Premium Bank, increasing the number of banks to 33.