Overview of the banking industry the banking system as at end march 2016 comprises the bank of ghana, 29 universal banks excluding arb apex bank which is a minicentral bank for rural banks, 9 rural and community banks, 61 nbfis, and 555 mfis. Banking hours commercial banks in ghana operate on a monday through friday schedule, and usually open at 8. The banking industry handles finances in a country including cash and credit. Herein, we investigate into the impact of electronic banking e banking service delivery on customer satisfaction in ghana. The impact of mobile money on monetary and financial. These rules shall be known as the nonbank financial institutions business bog rules. It is in this context, we hope that this report on banking on the future. Interbank transfers took a long time to be cleared and electronic. The bank of ghana abbreviated as bog is the central bank of ghana.
An adoption model for mobile banking in ghana article pdf available in international journal of mobile communications 75. Bank of africa ghana limited, also referred to as boa ghana, is a commercial bank in ghana. This commercial bank was established in 2006 and is a fully licensed bank of ghana. General news in ghana, politics, health, crime and more. A purposive nonprobability sampling technique was utilized in a 150 samplesize selection from e banking customers of trust bank ghana limited, ecobank ghana limited and barclays bank ghana limited 50 from each bank. In 2003, ecobank acquired a universal banking license and in july 2006 it was listed on the ghana stock exchange gse. Bank of africa started operations in ghana in 2011 after bank of africa group acquired a majority interest in amalgamated bank. This account is suited for business owners, selfemployed, salaried workers among others who are above 18 years. Electronic banking is the automated deliver y of ne w and traditional banking products and services directly to customers thro ugh electronic, interactive communication channels.
Ghanas formal banking sector comprises the central bank the bank of ghana and a number of other banks, including commercial banks, development banks, merchant banks and a plethora of rural unit banks. We aim to provide the stimulus for the development of competent and more qualified human resources that will enable the banks to offer efficient and competitive services to meet modern day sophisticated demands and satisfaction. Evaluating the banking system in ghana keynote address by dr paul a acquah, governor of the bank of ghana, at the fifth banking awards ceremony, accra, 6 may 2006. But after revising its approach to regulation and passing emoney issuer guidelines in 2015, the country saw dramatic growth in the adoption of dfs.
For this reason, there is the imperative for financial institutions to build the capacity to meet this enlarged scope of banking. One of the key indicators of a booming economy is a vibrant small and medium enterprises smes subeconomy and how well they contribute to gdp. Therefore, an efficient banking system must meet the needs of high end investors by making available high amounts of capital for big projects in the industrial, infrastructure and service sectors. Annual in ation is calculated as a percentage change from the same period a year ago. It is one of the commercial banks licensed by bank of ghana, the central bank of ghana, and the national banking regulator. The banking system in ghana is well structured in the bid to meet the need of their economy, especially at the local level due to the losses they suffered locally during the late 1980s. The bank is active in developing financial inclusion policy and is a member of the alliance for financial inclusion. The laws that were made required the banks to maintain a. The banking sector is playing a key role in the ghanaian economy. In the performing of its statutory duties, the bank analyses, evaluates and assumes positions of taking calculated risks. From a humble start in 2009, mobile money solutions now account for cash flows.
Banking in india types of banks banking classification. News ghana is ghanas leading online news portal for business in west africa and around the world. Fidelity bank has its headquarters in accra with over 43 branches all over the prime locations in ghana. As english is the official language in ghana, all bank business will be conducted in english. In ghana, the bulk of smes are within the services sector, particularly hotels, restaurants, transport and storage. Pdf abstract the introductions of electronic banking products and services. The chartered institute of bankers cib gh is the body for professional bankers in ghana. The economy of ghana is projected to grow by 8% in 20 and 8. Electronic networking applications and policy, vol. The marked increase in mobile money usage is not unique to ghana. Public disclosure authorized building inclusive payment. Business intelligence systems and bank performance in ghana. Nonbank financial institutions business bog rules, 2000.
The role of banks in the ghanaian economy modern ghana. During the past decades, several reforms have been implemented to improve banking services for the general population and to encourage ghanaians in the diaspora to save in ghana. Inf in ation, util utility, trans transport note 2. Personal banking pricing guide first national bank. Emerging developments in the banking industry of ghana. Better data better decisions whether youre considering a major purchase or looking at ways to beef up your savings, accessbank lets. The main objective of the study is to examine the determinants of mobile banking adoption as a communication in the banking industry with specific emphasis on the access bank ghana limited. Unfortunately, even though the number of banks in ghana has increased significantly, their capital size does not allow them to lend to big ticket. But even we know that almost no one keeps bankers hours these days. Business banking first national bank ghana business banking know your customer kyc requirements. This stemmed from mismanagement and unavailability of the stated capitals. Financial calculators omaha ne bank resources accessbank.
Banks are the institutional bodies that accept deposits and grant credit to the entities and play a major role in maintaining the economic stature of a country. The banks aim is therefore to achieve an appropriate balance between risk and return and minimize potential adverse effects on its financial performance. Personal banking pricing guide 4 march 2019 page 10 fees platinum cheque gold cheque gh 25. In 2018, the bank of ghana bog started an exercise to clean up and strengthen the financial sector. The impact of mobile money on monetary and financial stability in subsaharan africa 1 background mobile money has helped reduce the financial exclusion gap in low and middleincome countries, particularly in subsaharan africa, which had almost 400 million registered accounts at the end of 2018. The use of mobile money did not have much uptake in ghana in the early years of the first deployments.
Electronic banking is the automated delivery of new and traditional banking. A regional commercial bank operating in many african countries. Historical overview of banking in ghana according to antwiasare and addison 2000, the beginnings of the modern banking system in ghana were in the late nineteenth century. With online and mobile banking services, our customers can check balances, pay bills and much more on a 247 basis and they can do it from anyplace their waytoobusy lives take them. Determinants of mobile banking adoption in the ghanaian. A discussion of the top 10 biggest banks in ghana cannot be complete without mentioning. This is a regular savings account that also has a chequing facility. Gcb bank ltd, corporate banking division, head office, accra, ghana. This facility was issued in 1990 and supposed to be liquidated in 1996 but as at the year 2001 only one beneficiary had paid. Nigeria, kenya, uganda, and south africa also registered significant growth in mobile money transactions diniz, albuquerque and cerney, 2011.
The post office savings bank posb began operations in 1888, using the facilities of post offices in the country. Vision 2020 would help the industry to understand the future evolution of banking and the evolving strategies for reaping maximum benefits from the changing scenario in banking and financial landscape. Old series re ects cpi year 2012100, new series from august 2019 re ects cpi year 2018100. Arb apex bank a mini central bank in ghana for the ruralcommunity banks. As the central bank, the bank of ghana has the responsibility for implementation of monetary policies. Examination structure chartered institute of bankers, ghana. Guaranty trust bank ghana limited gtbank as the case study to identify the. Bank of africa ghana a commercial bank in ghana offering a wide array of banking products and services including retail, corporate and sme banking. Better data better decisions whether youre considering a major purchase or looking at ways to beef up your savings, accessbank lets you dig into the numbers to find your way. News ghana latest updates and breaking news of ghana. Given their importance in the economy, banks are kept under strict regulation in most of the countries. On microfinance and the new microfinance handbook financial services help to smooth cash flows, build assets, invest productively, and, importantly, manage risks. Pwc 2016 ghana banking survey 2 vish ashiagbor country senior partner s even years after the launch of the first mobile money solution in ghana, the service can be said to be a game changer in the countrys financial services industry.
First national bank will notify you if charges apply. Cameroonweb en camerounweb fr mahama causes stir in kumasi. The mismanagement of funds and illegal use of the stated capitals of ut bank and capital bank prompted bog to further look. The bank of ghana in 2016 reported that mobile money volume of transactions registered a growth rate of 737. Increasing the outreach of financial services that are affordable and meet the varied ne. An empirical study of e banking in cameroon by jacques herve nguetsop talla submitted in accordance with the requirements for the degree of master of commerce in the subject business management at the universty of south africa supervisor.
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