Graphic Business News

GN Bank poised to meet new capital requirement

By: Emmanuel Bruce
Mr Issah Adams
Mr Issah Adams

The Chief Executive Officer (CEO) of GN Bank, Mr Issah Adams, has assured customers that the bank is on track and poised to meet the new minimum capital set by the Bank of Ghana (BoG).

He said per the plans that the bank submitted to the BoG, it should be able to raise all the funds by the third quarter of the year.
The CEO disclosed this in an interview with the GRAPHIC BUSINESS on the sidelines of an event which was organised to appreciate its customers.

He said the bank underwent a rights issue which saw its shareholders inject 60 million in the first quarter of the year.

He said this had now brought its stated capital to the region of GH¢180 million and was, therefore, confident of raising the remaining GH¢220 million before the deadline of December 2018.

“We are very confident with our plan because the shareholders who were even expected to bring in GH¢54 million in the first quarter according to the plan brought GH¢60 million,” he stated.

There have concerns about the state of local banks in the country in recent times as two have already collapsed, with the BoG taking over another recently.

Mr Adams, however, assured customers that GN Bank was sound and safe.

“For us, we are not one of the indigenous banks that is affected by this exercise that is being undertaken. We have not been invited yet,” he noted.

He also pointed out that the bank’s operations have so far been normal as it had not witnessed any panic withdrawals.

“We haven’t had any problems with our customers because they still believe in the bank,” he said.

Listing on local bourse
The CEO also pointed out that the bank planned in the near future to eventually cede about 30 per cent of its shares to the general public through an Initial Public Offer (IPO) on the Ghana Stock Exchange.

Although he said this was not part of the plans it submitted to the BoG, he said it was something that was on the drawing board and would happen soon.

Customer appreciation event
The customer appreciation event was organised to interact with customers and also take feedback from them.

Mr Adams said the event was to show appreciation to its customers for doing business with the bank.

“The main reason we are gathered here is to thank our customers for their continuous support and also receive feedback and comments that will help the bank provide better products and services that will excite the customers,” he stated.

In a very competitive banking industry, he said excellence in customer service was the most important tool to sustain business growth and attract new business from customers

“At GN bank, customer service and customer satisfaction are our prime concern as we believe that providing top and efficient services is very essential,” he noted.

In its quest to deliver best services to its customers, he said the bank has established a customer service department to vigorously drive the bank’s customer service policy.

“This is because of the importance we attach to our customers,” he said.

GN Bank Mobile money
The bank also used the opportunity to launch its latest product which is the GN Bank Mobil Money.

The product offers a “bank account” (i.e. Wallet) to users of mobile phones using their SIM numbers and it allows easy and safe management of cash in real time.

The SIM card or phone number becomes the individual’s Wallet or “Bank Account”.

The product can be accessed via two channels: which are USSD – by dialing a short code and also a mobile application supported by Android and iOS phones. — GB