The Bank of Ghana has given the clearance to one of South Africa’s biggest finance groups, First Rand, to start operations in Ghana.
The Bank last year secured the regulator’s provisional license to kick start the processes to open its offices in Accra.
However the Bank needed this final approval before it could open its doors to the public.
Head of corporate communications, at First National Bank – the Bank’s headquarters in South Africa, Virginia Magapatona said there are still some regulatory requirements that are being met and “we are well positioned to start business soon after the final formalities have been satisfied”.
She also added that, they will be offering full banking services when they begin operations.
“We have applied for a full commercial bank licence and will therefore be addressing all banking segments. We shall be bringing the full width of our product suite into Ghana. As a Greenfield business start-up, these products will be phased into the market as and when appropriate.”
First Rand last year secured a provisional license from the Bank of Ghana to begin operations in the country.
According to the Chief Executive of First Rand, Sizwe Nzasana they will be doing everything as a commercial bank when they start operations in Ghana.
First Rand is setting aside some billions of dollars for their entry into Ghana and other West African countries.
Upon their entry, the number of banks in the country will increase to 29
Credit: myjoyonline