One card for all banks

The Head of the Banking Supervision Department of the Bank of Ghana Mr. Joseph B. Clottey says life would be more comfortable for customers if a common e-card could be used for all banks. "There would be cost saving if the banks could strategise to introduce an e-card usable in whole the banking industry."

He was speaking at the opening of the Suame Magazine Agency of the Trust Bank in Kumasi on Thursday. Mr. Clottey said the location of the new bank shows that the banking industry is committed to taking banking services to the customer.

He urged the banks to design products to suit the peculiar needs of their clientele and the public rather than the introduction of wholesale products, and said these tailored products would help increase efficiency in the banking industry.

He said the banks should develop financial products and programmes that will give impetus to the enormous productive potentials of the economy. This would stimulate job creation to generate wealth for an enhanced standard of living.

Mr. Clottey said that banks in the country should lower their minimum deposit level to make it affordable to customers. He said, most banks have high minimum balances, which have denied salaried workers access to banking services.

He said the liberalisation of the economy has given banks the opportunity to determine their own interest rate and fix charges and commission for services provided.

But some banks, he said, are using the situation to exploit customers by charging excessive fees. Deregulating the banking system should promote effective competition, efficiency and modest cost to customers, Mr. Clottey said.

Mr. Yiadom Asare Boakye, Group Head, Retail Banking Division of TTB said The Trust Bank is located in ten places in Ghana and seeks to expand further. He said TTB targets small and medium size enterprises and it has fully networked services.

The Ashanti Regional Minister, Mr S.K. Boafo said the contribution of TTB to the economy is significant. He said the establishment of many banks leads to competition and competition leads to efficiency. He said the government would support the development of healthy and reliable financial services to assist infant industries and micro banks in the country.

He asked the management of the bank to come out with more innovative services to ensure that they always stay at the top. The Managing Director of The Trust Bank Ltd, Mr. Jean-marie Marquebreucq said TTB is a customer friendly and caring bank.

He said the bank was not only involved in commercial banking activities but is supporting education, health and social development in some communities.