GCB Bank set to expand into West Africa; targets English speaking countries

GCB Bank set to expand into West Africa; targets English speaking countries

The recent shakeup in the Ghanaian banking sector has seen many banks suffer with some of them even folding up.

But it looks the foremost indigenous bank in Ghana, GCB Bank, has got even stronger and it is looking to expand into a sub-regional financial service provider.

According to Anselm Ransford Adzetey Sowah, the bank's Managing Director, plans are far advanced for GCB o expand its operations into the West Africa sub-region, with English-speaking countries being the first target now.

GCB Bank set to expand into West Africa; targets English speaking countries

GCB Bank set to expand into West Africa; targets English speaking countries Photo source: Instagram/sweet_maame_adwoa
Source: Original

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“We are also looking at the sub-region. We have an agenda of moving into various countries and we are prosecuting that agenda. We do hope that we will make investments into other countries and that will inure to the benefit of people to have the opportunity of going out to learn new things and to teach people what they have learnt here,” he stated.

The Bank, he added, was also exploring with a foreign partner to form a joint venture to provide insurance products to Ghanaians.

Apart from the above, GCB Bank was is set to introduce new products as part of efforts to expand its operations, promote digitization and improve the quality of service it renders to customers and the general public.

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GCB’s mobile wallet, Internet Banking with trade solution and mobile application will all be launched by July 2019 while the Agency Banking will be introduced in December 2019.

Sowah added that the Bank has decided to diversify and is looking to boost non-funded income by converting its subsidiary, Development Finance Holdings, into a full investment bank to be known as GCB Security Limited.

“That subsidiary is going to do all the works in investment banking in this country and compete for business in terms of book running and investments. So, we do hope that we will create another stream of income from that,” he explained.

The MD further stated that the focus on providing first-class banking solutions to all customers and to meet their everyday needs as well as satisfying stakeholders is in line with GCB Bank’s strategic plan. In this regard, the bank will rely heavily on safe, secure and convenient mobile and digital banking to drive the agenda of bringing banking to the doorstep of the people.

“We want to let people from all walks of life, especially the unbanked have access to banking in a way they have never experienced before. We also have a mobile banking wallet, which is coming out shortly and will be accessible to the public,” he revealed.

On his part, Socrates Afram, the Deputy Managing Director in charge of Finance, who speaking on the digitisation of the bank, mentioned that the bank would be aggressive in its approach to digitisation to drive revenue in the coming years.

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