Banks struggle over deposits

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• TOGBE FIAWORSIMEH 12 years ago

  The competition is necessary! It protects consumer sovereignty and gives consumers a choice. It will also force the management of the various banks to think innovatively and act smart. There is too much laxity and corruption ...
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  The competition is necessary! It protects consumer sovereignty and gives consumers a choice. It will also force the management of the various banks to think innovatively and act smart. There is too much laxity and corruption in Ghana.

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• Earl Jones 12 years ago

  It is called competition. Get used to it. Any interference in the affairs of the NBFIs will be grossfly unfair. Banking financial institutions have disrupted other businesses in the past and government did not step in with an ...
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  It is called competition. Get used to it. Any interference in the affairs of the NBFIs will be grossfly unfair. Banking financial institutions have disrupted other businesses in the past and government did not step in with anti-competitive regulations to protect those businesses.
  Instead, what the banks can do is respond to the market conditions by coming up with products that can compete favourably with the NBFIs.
  The NBFIs must form an association and fight back!
  If the competition is tough, innovate and don't run to the government. SMEs will not pay higher borrowing interests if they are not making profits from them.
  We have payday loans in the West; Europe and America who charge interest to customers far in excess of what the NBFIs are charging.

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• Unumi Bununya a.k.a Teteman Boy 12 years ago

  So what are the NBFIS doing with the deposits mobilized to be able to pay higher interest than the banks? Could it be another Ponzi, all in the name of deposits?
  
  My advise to the banks is that it is not only high interest ...
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  So what are the NBFIS doing with the deposits mobilized to be able to pay higher interest than the banks? Could it be another Ponzi, all in the name of deposits?
  
  My advise to the banks is that it is not only high interest rates that brings in customers. It also has to do with good customer service and the cost of doing business. When will banks in Ghana introduce no-cost DDAs? A lot of cash will pour in from corporate entities if offered free checking no-cost accounts. And one such big account will compensate for hundreds of small accounts. Think a little out of the box.

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