List of new banks in Ghana

List of new banks in Ghana

Do you know of the banks that are operational in Ghana? Well, Ghana has a total of 35 operational banks. The 35 banks in Ghana comprises of both the old and the new banks that have come up since the inception of money as a currency in the country which dates back to the Gold Coast era. Let us look at the New banks coming to Ghana and the advantages and disadvantages that come with banking.

New capital requirements for banks in Ghana

Source: Twitter

Here is a list of some of the new banks in 2018.

  • Access bank group
  • Zenith bank
  • Sovereign bank
  • Heritage bank
  • Premium bank
  • Royal bank
  • Beige bank
  • ARB apex bank

1.Access bank group

New banks in Ghana 2018


Access bank started its operations back in 2009 and currently it has a capital of up to 80 million. This bank is committed to offer quality financial services to its customers and grow its assets significantly. Although the Access bank has not been in the market for more than 10 years, it has grown significantly considering the branches that it has and the financial services it offers. Visit the Access bank for services such as insurance and also transfer and deposit of money. This ban is fully fledged to do its operation all over the country and it’s a component of the access bank group in Nigeria and other countries in the sub-Saharan region.

By 2016 the bank grew and currently it has 48 branches that are all operational in all parts of Ghana. Access bank offers a wide range of variety including loans, accounts such as saving accounts, investments, debit cards and also mortgages and many more. The access bank has received several awards in the past and so far it is among the best banks in Ghana. The access bank is a well structured bank and it guarantees its customers of quality delivery of services.

Another important factor about access bank is the ease of transactions. The bank has adopted technology to make its customers more comfortable y accessing their accounts at anytime and anywhere. This is done through online banking services that access bank offers. The bank has greatly had a positive impact on the growth of the economy of Ghana.

2.Zenith bank

Banks in Ghana directory

Source: Financial watch

The zenith bank is one of the top banks in Ghana that became a public bank in 2004. And currently it is the biggest bank in Nigeria. Due to its aggressive and diverse workforce, the zenith bank has extended to Ghana and has over 500 branches. This bank is outstanding because it has received many awards previously that have pushed the bank to be more productive. The zenith bank is very prestigious and also a very effective when it comes to delivery of services.

The zenith team is committed to ensuring that the customers are satisfied and also very comfortable. For any inquiries feel free to visit the zenith offices in Accra. The bank also offers loans, insurance savings and deposits and also amazing interest rates on the loans. It also has ATMs in specific places so that customers can access their money from there.

Zenith bank also offers Visa such that the ATM card can be used to do shopping. The zenith bank is growing in Ghana and currently it seeks to increase the branches that it has. The zenith bank also offers internet banking a fast way to access the money in the account. Zenith is one of the best banks in Ghana west Africa.

3.Sovereign bank

New Banks in Ghana 2018

Source: Sovereign Bank Ghana

The sovereign bank is a very nice bank that offers cooperate banking, retail banking and also e-banking or electronic banking. The sovereign bank is committed to ensure the safety of the assets of the customers and also it provides fair rates of transactions. The bank is large and has branches all over Ghana. It is a pace setter for the banking system in Ghana. Opening an account at sovereign is free and also very fast. All you need to do is visit one of the branches and you will find a team that is ready to help you.

The team at sovereign upholds integrity, trust and also commitment to ensure that the bank runs very well. Sovereign bank is not only a trusted bank but it is also the bank you would want to go of you have any financial issues. The sovereign bank also offers loans and insurance that protects the assets of its customers. Another benefit of joining the sovereign group is the ease of access to the services and also financial packages. Customers want a bank that inconvenient provides easy access to the much needed services and sovereign bank offers just that.

The bank also welcomes customer feedback through social media sites like face book and the bank has a website where it interacts with the customers by providing new updates. The bank has created jobs in Ghana and continues to grow with state of the art equipments that enhance the delivery of goods and services.

4.Heritage bank

Banks in Ghana West Africa


The heritage bank as the name suggests is a very classic bank in Ghana that has changed the banking systems. The heritage bank is widening and as of last year it was aiming at opening 10 branches. Among them was the East Legon branch and the Adum branch which is located in Kumasi. The expansion of branches has created more jobs in the banking industry and it has also contributed to the economy of Ghana.

The heritage bank has a team of directors that run the management of the bank and also the bank has introduced digital banking which has increased the productivity of the bank. The bank also offers a platform where someone can comfortably open an account by logging into the heritage bank website. The heritage bank is one of the banks in Ghana with western union.

Heritage bank also offers services like loans, insurance and also deposits and savings. The bank was established with the aim of providing financial services to its customers and currently it has expanded its services.

The heritage bank has well trained employees who have sufficient expertise on banking, and they are ready to help you anytime of the day. For the customers who would like to access their accounts at any time, they can access the online banking that is offered at heritage. For any inquiries about the services of heritage, visit any of the branches in Ghana and get yourself an account with heritage. With heritage, you are assured of safety and security of your financial assets.

5.Premium bank

New banks coming to Ghana


The premium bank has a main aim of supporting the businesses of its customers by providing very good banking services. According to the bank, its main aim is to become one of the leading financial institutions in the country. Once you are a customer, the premium bank walks you through the business and nurturers your assets.

The premium bank has its offices in Accra Ghana and it has values like responsiveness, ingenuity, to make profits and also to be dynamic. The bank is mostly focused on building small and medium businesses that will in turn lead to the growth of the economy. The premium bank is the place to be for people who would like to start a small business. The bank also offers optimal support that ensures the growth of the business and that of the individual and the nation as a whole.

The bank also offers low deposits such that people of all walks of life can manage to open an account and save. The premium bank welcomes everyone to enjoy the benefits of account ownership regardless of the financial status. The bank as also introduced digital solutions that have helped to change the banking experiences. Long gone are the days where people would wait line for hours to get served.

The premium bank is digitalized and customers can access the ATMs, loan application forms and many more. The premium bank also values its customers. It seeks to create beneficial relationships with its customers. The management knows that the customers are the people who make up any business. Choose premium bank for your business solutions and you will not be disappointed. To access banks in Ghana contacts, simply log into their website and you will find all the contacts.

6.Royal Bank

Banks in Ghana West Africa


The royal bank was established in 2011 and so far it has grown tremendously. The royal bank is fully licensed and since it started its operations in 2012, its growth has led to more customers and also better equipment to deliver sufficient services. The royal bank aims to be the best bank in Ghana and it also has a mission to provide excellent and also world class banking experiences. The royal bank upholds values such as professionalism, respect, confidentiality, commitment, excellence and also transparency.

Once you are a member of the royal bank you are assured that your money is safe and you can access various loans and also insurance. The bank has a god management system that oversees the activities of the bank. Royal bank is equipped to perform all the activities that will ensure the success of both the customers and the bank itself. The bank is also involved with other foundations that focus on sanitation, education sports and culture.

Visit any of the bank branches to access the various financial services the bank has to offer and choose it to be the bank of choice. The chief executive officer Osei Asafo is very confident that the bank offers wide variety of services. At royal bank, the customer is special and also the bank offers personalised services. There is no place like home and royal bank offers that assurance. Soon it will grow to be one of the biggest banks in Ghana. To get to royal bank, access the banks in Ghana directory.

READ ALSO: How to use Ecobank Internet Banking

7.Beige Bank

New banks coming to Ghana


The Beige Bank was a savings and loan company that integrated to a bank. So far the bank has created a good reputation for itself by offering good financial services in Ghana. The bank is committed to ensuring that the small and medium businesses get the financial services that they need.

The Beige Bank focuses on individuals that have business ideas but they have no financial knowledge. Also the bank regards its customers very highly and this has seen the bank grow tremendously. The beige bank has its services well packaged and also it provides the services that its customers need. The bank also creates good relationships with the customers that improve the wellbeing of the bank and also the customers in general.

Beige bank has very competent employees who are well trained to offer various services in banking. Moreover, the bank aims at increasing its branches all over Ghana so that the clients can easily access the services. Beige bank is known for its time-relevant products that ensure that that the customers get what they need. The other advantage of opening an account with beige ids the affordable interest rates of loans and also the wide variety of services that the bank offers. Beige bank will son grow to be among the top banks in Ghana.

8. ARB Apex Bank

Banks in Ghana with western union

Source: ARB Apex

The ARB bank was mainly established for the rural communities in Ghana. It is a public bank that has 9 branches in Kumasi, sunyani,Bolgatanga Takordi etc. The bank offers e-banking where by the customers can access the services that the bank offers through their mobile phones. The bank aims to grow in the next 10 years to be among the top banks in Ghana. The ARB bank is a very good bank because the people in the rural communities are somehow left out. Having branches in the rural areas will help the country grow.

The people living in rural areas have equal opportunity to those living in the urban areas. Like other banks, this bank also has well trained employees who offer personalised services to its customers. The bank is well equipped to also manage loans and also to provide insurance. Open an account with ARB to experience the good financial services that the bank offers. In the future, the ARB bank will grow to be the bank of choice to the majority of Ghanaian citizens.

At the ARB Apex bank, one is assured of safety and also security of the customers’ assets and also confidentiality and integrity. The bank has an elaborate management system that runs the activities in the bank branches. Owning an account at ARB is very easy and the personnel are always ready to help you. Visit the ARB Apex bank today and you will not be disappointed. Also check their website to see the various banks in Ghana careers.

Emerging issues on new banks in Ghana

The year 2017 saw the bank of Ghana announce its plans to increase the capital requirements for new banks to a high of 400 million cedis. This move was intended to create more places in the market and also aid in increasing the standards of the banks in Ghana. This means that the banking services will be considerably more efficient. Many people complain about having to wait for long hours just to get served and some banks are just slow in service delivery.

List of new banks in Ghana 2018

Source: Glassdoor

Instead of increasing low standard banks, the government would rather have fewer banks that are more effective. In 2017, some of the banks that had low liquidity had to exit from the banking system in Ghana. The bank of Ghana will ensure that there is a new regime for licensing in the financial sector meaning that the new banks capital requirements in Ghana will increase and also the starting capital. The central bank therefore has to be strict in ensuring the corporate governance.

Advantages of banking

A bank that is fully equipped and has many braches gets to enjoy the financial benefits that come about due to several customers. People opt to open accounts in a bank that is accessible in most parts of the country. This is because; an individual can access their cash at all times.

A bank that has many branches has more job opportunities. Many branches need more employees to work in the respective banks. The bank also has high standards because it can only take very experienced personnel and eases the management system.

The foreign exchange rates are done at a cheaper rate. For the people who would like to send money abroad or receive it, visiting a bank that has western union is actually cheaper than going for other options. Also the transactions are always safer at the bank because they are accompanied by receipts and also an elaborate record keeping system.

Banks in Ghana contacts


Banks also have decreased risk because the profit of one branch can be used to curb the losses of another branch. People want the confidence that they can trust a bank that will provide all their financial needs. When an individual puts the money in a bank, they expect financial benefits like interest and also loans. The ease of transactions is also very important. Most banks have adopted the mobile banking services, where you can access your bank account at the comfort of your home. Also, one does not need to worry that their money is lost and it is easy to claim your assets if the bank is closed off if it runs broke.

Another benefit of banking in the modern day is that there is a diversification of resources of a bank that has many branches. The central bank runs the activities of all other branches in the country. At the long run, the bank has effective control of its resources. This kind of a bank does not easily go dry because all the branches are still very active. If an individual wants a loan, they can easily get it from a diversified bank.

Banking is also a good way to use capital. Once a bank is established, it aims to offer financial services at a profit. This is done by ensuring that the transactions are profitable and is also pocket friendly. A bank should also be in a position to pay its employees well in order to increase the efficiency of its workers.

Gone are the days where people hid money at their houses. Banking introduces a very efficient way of handling the customers’ money and also keeping it safe at the same time. Banks also offer insurance services for assets like cars, houses and also health in some cases. This depends on the type of bank one chooses.

Banks in Ghana careers


Disadvantages of banking

The biggest problem that banks have is poor management. This is mostly common into the big banks which have a variety of customers. The managers end up getting concentrated at the main office and the other braches do not run quite effectively. The branch manager has to acquire permission from the head office so the transactions might e slows as compared to going directly to the head office.

The large banks have more resources than the small banks. This means that there can be misuse of funds because they encourage monopoly. These banks seem to control the activities of the whole banking system.

A bank with many branches gives more resources to some branches and gives less to some. The allocation of resources is controlled y management and they will end up concentrating in the active branches and ignore the inactive branches. Also, you find that the interest rates are more in some branches as compare to some because they focus on the branches hat are on the developed areas.

There are imbalances that come up in large banks that are known to offer the most of the services. As a customer it is good to know which bank t choose by looking at their services and also their diversity in terms of branches, technology customer relations and also the financial gains that you can obtain from the bank of your choice. Also the other challenge a customer faces when choosing a bank is the high interest rates especially if the customer wants a loan. The interest rates area part and parcel of the banks’ profits and must be repaid. Most banks take collateral unless if you want the instant loans that come with smaller interest rates. The small loans however, are not very flexible because they give small amounts of money.

READ ALSO: Best Investment Banks in Ghana 2018

Source: Yen

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