FBNBank Ghana Limited, a subsidiary of First Bank of Nigeria Limited has commissioned its new Osu branch, located on the ground floor of the Alpha One building on the Oxford Street, Osu.

The pursuit of FBNBank Ghana’s “You First” customer proposition, the opening of the ultra-modern Osu branch forms part of the bank’s strategy to bring financial services closer to its customers to make products and services available to them.  The opening of the new branch is in recognition of the fact that there should also be comfortable and convenient touchpoints for clients occasionally needing to physically interact with the bank.

Welcoming guests to the event, the FBNBank Ghana Managing Director, Victor Yaw Asante disclosed that Osu in general and Oxford Street, in particular, is a location of significance because of the high throughput of tourists who occasionally require branch banking. He further stated that the bank has been focused on driving a digital agenda, which aims to leverage new and evolving technologies to facilitate access to everyday financial services for the bank’s consumers and businesses alike, especially in these times. (more…)

fbadmin
March 10th, 2021
Posted In: 2021 Press Releases

Accra, January 09, 2021 – FBNBank Ghana has today announced the commencement of activities marking the celebration of its 25th anniversary in the country. This was made known by the Managing Director of the Bank, Victor Yaw Asante after a walk which covered three routes in Accra and one route in Kumasi covering a total of 28km with participants including staff, customers and clients.

Speaking after the walk in Accra, Mr. Asante said that “over the past 25 years, the Bank has consistently built relationships with customers, clients, staff and other stakeholders, focusing on the fundamentals of good corporate governance, strong liquidity, excellent risk management and exemplary leadership. He added that in all its dealings, the Bank’s primary focus had been on these stakeholders; a position which emanates from its brand promise of ‘putting you first.’

Mr. Asante added that over these years, the Bank has nurtured these relationships in order to deepen its engagement with stakeholders and to be able to contribute more significantly to the country’s development.

Activities lined up to celebrate the Bank’s milestone anniversary include a thought leadership forum to discuss and find solutions to pertinent socio-economic issues, customer and client engagement sessions and corporate responsibility and sustainability initiatives targeted at the deprived and needy in the communities. In all, it will be an opportunity for the Bank to reassert its presence on the market building on the momentum generated in its business over the past years. Staff of the Bank are also gearing up for a host of internal activities which would across board enable them to live the Bank’s values.

 

About FBNBank Ghana Limited

FBNBank Ghana Limited is a member of the First Bank of Nigeria Limited Group. The Bank has 20 branches and 2 agencies in Ghana with almost 500 staff and offers universal banking services to individuals and businesses. FBNBank Ghana Limited has been in the business of banking for 25 years in Ghana and is part of the trade hub that has grown economies for over 126 years across Africa, Europe and China.

 

fbadmin
March 10th, 2021
Posted In: 2021 Press Releases
agent banking

Financial institutions in Africa seek to create innovative value propositions and customer-friendly products and services, not only to generate client enrolments but also to bring populations into the financial mainstream for greater socio-economic good. Financial Inclusion remains a challenge in Sub Saharan Africa. Building payment and banking networks using the traditional brick-and-mortar approach is a very arduous task. Easily accessible financial products provided by delivering flexible value-added services at non-traditional bank locations have become a solution to financial inclusion at all levels.

In the developing world, markets are fragmented and a large part of the population is dispersed. Financial literacy is still low, especially among low-income segments and branch penetration is still poor. Financial institutions have realized the lack of sufficient service points in remote and rural markets, however, new branch and ATM infrastructure costs are expensive, especially considering the high-volume, low-value transactions, specific for such markets.  The consequences are congested branches and limited scalability opportunities.

Agent banking has subsequently been positioned as a channel for providing that far-reaching and low-cost access to financial services for the underbanked populations of society. This initiative takes banking closer to the immediate vicinity or doorstep of semi-urban and rural dwellers. Customers and non-customers of financial institutions can now safely visit agents in their own vicinity at their own convenience, at extended service hours. A segment of the bankable population can now conveniently deposit and withdraw funds, make insurance premium payments and pay bills, even with no formal ID thanks to the integration of biometrics into the services provided by financial institutions. Agents have become the focal point for driving awareness of the agent banking channel and the services being provided by financial institutions, acquiring new customers and providing assistance to customers where needed.

Today, due to technology it is not surprising that third-party agents and merchants have become an integral part of the digital financial service ecosystem, especially in developing markets like Ghana. For many customers in Ghana, Agent banking has become a channel-of-choice due to the convenience it offers, especially in terms of proximity to customer residence or business. This growing acceptance of the model and its self-service nature is gradually leading to a shift from branch banking in Ghana. Some financial institutions have taken the lead in this and are at the point of expanding their agents’ portfolio beyond basic cash-in/out transactions into customer onboarding, E-loans, Bill payments, and more.

FBNBank Ghana Limited, one of the fastest-growing banks in the country, has introduced its Agent banking channel in a move to drive financial inclusion and to expand its reach by offering affordable and convenient banking to Ghanaians.

The Bank is riding on the success story of its parent bank, FirstBank of Nigeria Limited which successfully implemented this initiative, FirstMonie, in Nigeria in 2017. With over 67,000 Agents in operation, the FirstMonie agents are providing world-class financial services through cutting edge technology deployed by the Bank.

FBNBank Ghana is migrating this best practice by partnering with existing businesses in various locations across the country to build a network of agents who will operate “agencies” that will offer selected banking services to customers. This initiative aligns with a statement in the World Bank economic updates for Ghana in its 2019 report which states that; “with the use of innovative technology and approaches, universal financial access is an attainable target in Ghana.” FBNBank Ghana Limited is therefore poised to bridge the gap between the banked and unbanked population through the successful implementation of the Agent banking channel which is supported by a robust technology infrastructure.

The Bank is confident that the successful roll-out of the Agent banking channel will lead to an increase in the institution’s capacity to provide convenient banking services to existing and potential customers around the country.

The Bank will be working in partnership with Corporates, SMEs, and Individuals to take banking to the communities within Ghana. This partnership will also provide additional revenue streams for the low-income earners living within the various target communities. The innovative service offerings available on the platform include: Account Opening, Cash Deposit, Cash Withdrawal (FBNBank and Other Banks), Funds Transfer (FBNBank and Other Banks), Mobile Money services and Value-Added Services such as airtime top-up, bills payment, remittance, card services, etc. Currently, FBNBank Ghana’s Agents are located in the Accra-Tema Metropolis, Adum, Suame and Techiman. The bank is working on enrolling more agents in other regional and district capitals of the country onto the FBNBank Ghana Agent Banking platform.

The FBN Bank Agent network is modeled on the FirstMonie brand which controls the largest agent banking network in Nigeria. Through this brand, the FirstBank Group, the parent company of FBNBank Ghana, is offering innovative products to meet the changing needs of our customers in the informal economy in West Africa.

The FirstBank Group remains a most formidable and experienced Bank in Africa with over 126 years of impeccable banking services availed to its customers. Drawing from our parent’s in-depth knowledge and banking experience that spans over a century, our various pioneering experiences in electronic banking transaction processing, and strategic alliances with key service providers and processors, FBNBank remains committed to bringing its experience to bear in achieving quantum leaps in the provision of financial services in Ghana.

fbadmin
March 10th, 2021
Posted In: 2021 Press Releases

February 12, 2021, Accra – In line with its agenda of supporting the SME sector, FBNBank Ghana is organising a trade forum for its clients which would help position SMEs to benefit from the African Continental Free Trade Area (AfCFTA).

 

The event which would be virtual forms part of the Bank’s 25th anniversary celebrations and is dubbed “FBNBank@25 Virtual Trade Forum.”  It is scheduled to be held on Tuesday February 16, 2021 and would feature representatives of Ghana Link Network Services and the Customs Division of the Ghana Revenue Authority who as resource persons, will provide education and lead discussions on the guidelines and procedures for registration on the Integrated Customs Management System (ICUMS) under AfCFTA.

 

Commenting on the rationale for the Forum, Victor Yaw Asante, FBNBank Ghana’s Managing Director and Chief Executive Officer said, “AfCFTA provides enormous opportunities for Ghana’s SMEs considering it is offering the largest free trade area in the world and brings together 1.3 billion consumers across 55 African countries with a combined gross domestic product (GDP) valued at US$3.4 trillion. We at FBNBank Ghana are excited at this development. Through this trade forum, we will be delivering on our declared support to SMEs by making it possible for importers and exporters to be properly acquainted with Ghana’s customs management system in order to be better placed to benefit from the huge opportunities which AfCFTA brings.”

 

AfCFTA is an Africa Union (AU) initiative that opens up the continent commercially by offering an African free trade area across 55 countries and thereby increases intra-African trade by up to 52.3 per cent. It is estimated that it has the potential of lifting 30 million Africans out of extreme poverty. This will be through the creation of jobs as a result of the expanded market, increase in real wages for unskilled and skilled workers in agricultural and non-agricultural sectors, improved access to trade opportunities for women, promotion of industrialisation and increased competition among African industries on the global stage.

 

SMEs in Ghana will be lining up to benefit from the roll-out of AfCFTA and will therefore have to secure their registration on the country’s Integrated Customs Management System (ICUMS) in order to ensure efficient import and export of goods. ICUMS is Ghana’s e-customs system and it utilizes state-of-the-art cloud computing technology to provide a swift and secure customs clearance process. It is a real single window system which ensures accurate and fair taxation of all imports and exports at ports and borders while maintaining international trade protocols and controlling illegal activities.

 

FBNBank Ghana, following the agenda set by its parent company, First Bank of Nigeria Limited, will be supporting their clients to take full advantage of AfCFTA. Over the years FBNBank Ghana has supported SMEs in several sectors including manufacturing. Considering FBNBank Ghana’s track record, the FBNBank@25 Virtual Trade Forum should see a host of SMEs in attendance who will be focused on benefiting from being placed at the heart of the Bank’s business as per its brand purpose.

 

About FBNBank Ghana Limited

FBNBank Ghana Limited is a member of the First Bank of Nigeria Limited Group. The Bank has 20 branches and 2 agencies in Ghana with almost 500 staff and offers universal banking services to individuals and businesses. FBNBank Ghana Limited has been in the business of banking for 25 years in Ghana and is part of the trade hub that has grown economies for over 126 years across Africa, Europe and China.

fbadmin
March 10th, 2021
Posted In: 2021 Press Releases

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