With the Government of Ghana lifting the freeze on licensing of new banks, the move has attracted many international banks in Ghana to explore the economy. The potential of Ghana as an emerging market in the world has never been higher. Most of the international banks in Ghana has increased the level of competition that was originally dominated by indigenous banks in Ghana.
The entry of the new players in the banking sector has helped increase the pace of services and build the economy of the country. We have compiled a comprehensive list of international banks in Ghana. In the list of the international banks operating in Ghana we have combined the list of other banks from other regions of Africa that are currently making waves in Ghana and giving the big banks literary a run for their money.
International banks in Accra Ghana
There are several international banks in Ghana that are well known for their great services to their customers.
1. Standard Chartered Bank
Arguably, Standard chartered Bank is one of the oldest financial institutions in Ghana. It made its debut in the country back in 1896. It is a subsidiary of the Standard Chartered PLC, based in London, United Kingdom. Initially, it was named the Bank of British West Africa. It is one of the best international banks in Ghana.
It is a leader of market-leading financial services brands in Ghana as listed in the Ghana Stock Exchange. It has operated for close to 121 years in the country. The focus and commitment of the bank is on developing deep relationships with the customers as a technique to drive its consistent growth in recent years. The banks have expanded its services across Ghana with 25 branches and 68 ATMs. They offer competitive and attractive product propositions for clients as well have employed over 1000 staff in Ghana.
They are committed in building a sustainable business over the long term in Ghana, a sustainable business. They are internationally accredited for offering high standards of corporate governance, social responsibility, environmental protection and employee diversity. Their purpose is to drive commerce and prosperity through their unique diversity. All the brand promises are fulfilled through their heritage and values.
2. Stanbic Bank Ghana
The bank entered the Ghanaian market at a time when transformations in the banking sector were at an all time high. And over the 10 years of its operation, they have managed to earn a deserving reputation as a customer oriented, business friendly and socially relevant bank. The bank has made significant improvements in the quality of service delivery and the provision of superior financial products and packages.
The bank has collected numerous accolades from the Ghana Investment Promotion Center. Some of their top achievements include Top Performing Business, Best Financial Institution and the Best Bank in Ghana. To top off their achievements they bank entered the elite group of tier 1 banks in the country in 2009. To match with the advancements in the technological sector in banking sector, they have introduced the online banking to cater for different types of customers. With several branches and ATMs in the country, they have set the pace for competition.
3. Zenith Bank
The bank was incorporated as a financial services provider in April 2005 under the Banking Act 2004 (Act 673). They commenced with their operations in September 2005. They are infamous for their cutting-edge ICT platform, passionately innovative staff and their devotion towards the development of top provisional products and services that are tailored to meet the specifications and needs of customers. They are on top of their game and have attained an edge over their competitors with a brand and customer service that are top shelf.
They are well connected throughout Ghana with 34 branches and agencies, and many ATMs and point of sale terminals strategically located in various cities and towns across Ghana. They also updated their banking services to meet the upcoming technological trend in the banking sector through real-time internet and mobile banking which enables customers to access banking services anywhere in Ghana. They still remain in the pursuit of excellence and this has been attested through the numerous international accolades and awards won.
4. Barclays Bank Ghana
The bank has operated in Ghana for over 100 years. It is a subsidiary of the Barclay’s Bank PLC. The bank is well connected in the country with 59 branches, 7 agencies, 10 premier Life Centers, 2 premier suites and 8 local business centers. It also has over 130 ATMs spread across 90 locations nationwide. They offer a wide range of exciting products and services from corporate, retail, and treasury services that are targeted at business and corporate clients. They also extended their service to retail customers through local services.
They are infamous for helping businesses and individuals attain their dreams and ambitions through transforming the lives of Ghanaians and growing the economy of the country. They combine the experience they have gained from their over 100 years of operation and expertise to bring the best of banking to its customers and clients. They have also updated their services through the ICT program to introduce the new trend of internet banking.
5. JP Morgan Chase Bank
It is one of the biggest American banks in Accra Ghana. It is one of the oldest financial institutions in the United States with over 200 years of operation. Apart from Ghana, they have their presence in over 100 markets. They have a wide base of employees with over 250,000 employees. They serve millions of customers from small businesses, corporate to institutional and government clients. Their stock is a component of the Dow Jones Industrial Average.
6. CITI Bank
It is one of the new banks in Ghana 2018 to enter the market and gain acceptance by many Ghanaians. Little do people know that the bank has been present in Ghana through a Representative Office since 2003. It is one of the few U.S banks with branches in Ghana. They offer a suite of products and services including lending money, safeguarding assets and accessing capital market for their valued clients.. They also facilitate investment banking services and corporate finance deals with selected clients.
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Tier 1 banks in Ghana
Tier 1 banks are known to be leaders in a products categories. In Ghana we have several banks that fall in this category although they are not as many.
7. GCB Bank Limited
The financial institution started its operation in 1953 as the Bank of the Gold Coast. It provided banking services and contributed to the growth and development of the emerging socio-economic developments. Its the second largest bank in Ghana by total assets and net profit Four years later after Ghana attaining its independence from colonial rule, it changed its name into the Ghana Commercial Bank with a derivative to offering solely commercial banking services. The Government owns 21.36% of the bank while institutional and individual holdings are at 78.64%.
The bank has offered opportunities to the careers of its over 2,000 staff. They have numerous branches and ATMs spread across Ghana. They were the first minds behind the local banking agents that delivered banking services to people in the rural and remote areas of Ghana. They provide a wide of products and services that are tailored for the benefit of the customers. They also have invested in the ICT platform to introduce internet baking, Smart pay, Kudi Nkosuo, Royal Banking, International Money Remittance, GCB Kidistar Account and Mastercard.
8. Agricultural Development Bank Ghana
It is a Government owned financial institution that offers a wide range of banking products and services to meet the needs of clients and customers. The government owns 32.30% while the rest is owned by institutions and individuals. The bank aims to balance market orientation with a development focus on Agricultural activities and more. They are committed in providing profitable and diversified financial services for a sustained contribution to Agricultural development and wealth creation.
Nigerian Banks in Ghana
Ghana's fast growing has attracted banks from African countries such as Nigeria. The banks are also interested in investing in Ghana since new banks can easily acquire licences from the government.
9. Access Bank Ghana
The bank launched its operations n the country in August 2009, with its headquarters in Lagos, Nigeria. It also operates in other West African countries, Central and East Africa. It provides universal banking services to nearly the whole population of Ghana leading to the socio-economic growth of the economy. The bank has partnered with the Government, local institutions and businesses to provide high quality services and providing financial support in important sectors of the economy.
10. United Bank for Africa
The bank made its debut in the Ghanaian banking sector in January 2005.Its one of the multinational financial institutions in Nigeria Over their years of operations, they have increased the level of performance through innovation and top-notch customer relation. The driving force of the industry has been attributed to its tailored customer driven solutions. They have been at the forefront of many product innovations that have revolutionized the banking landscape in Ghana such as the cashless account where customers can open an account without the initial deposit.
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11. Fidelity Bank
The made attained its license of operation in Ghana in June 2006 under the new Banking Act, 2004 (Act 673). Majority of its shareholders are institutional investors, individuals and senior executives. It is staffed with highly experienced and professional team who offer cutting edge and sound advice to customers. They offer a comprehensive range of products and services that suit a wide range of customer’s needs. The bank has two subsidiaries including the Fidelity Asia and the Fidelity Securities Limited. They are well connected with various branches in Ghana.
List of Rural Banks in Ghana
There was a need to fill the gap left by the banks that were not ready to venture to the rural areas for the banking services. Some banks came up to fill the void.
12. Abokobi Area Rural Bank Limited
The bank filled the void left by commercial banks that were unwilling to venture into the rural communities. Its one of the pioneer rural banks in Ghana. The bank aims to facilitate the creation of opportunities for the growth of small business enterprises. It has its headquarters in Akokobi town which is 30 kilometers North-West of the capital city, off the Accra-Aburi road. The bank’s mission is to be the top rural bank in the Greater Accra Region through top quality customer solutions through its wide range of attracting products and services.
13. Microfin Rural Bank Limited
This financial non-governmental organisation has operated for three years and has been a key player in the transformation of savings and credits operational activities in Ghana. It has its head office located at Gomoa Pomadze in the Gomoa East District of the Central Region of Ghana. It has three branches situated in Gomoa Pomadze, Kosoa and Mankessim. Their mission is to be the leading rural bank in offering sustainable and attractive financial services to the micro, small and medium scale enterprises so that in term the economy of the rural areas is improved.