6 May 2009

Ghana: UT Goes Into Banking

UT Financial Services has added yet another subsidiary to its holdings in the financial service industry, known as the UT Bank. It was officially launched in Accra last Monday, with a promise to offer the best banking services, tailored to address the needs of its clientele.

The Chief Executive Officer (CEO) of UT Financial Services, Mr. Prince Kofi Amoabeng, who has been the architect of the growth of the UT Holdings, said the group ventured into banking as a result of the demands of its valued clients who have always craved for banking services, because part of their businesses end up where banking begins.

He assured customers of the bank's commitment to remain loyal, and play to the rhythm of the regulators of the banking industry (Bank of Ghana) in making them richer.

"We have listened, and today we are answering. The bank will absolutely listen to the regulators and will answer your needs to make you richer," he noted.

Mr. Fiifi Kwetey, Deputy Minister of Finance, in his address, applauded UT Financial Services for having the foresight to venture into banking to help address the poverty situation in the country.

He said government would continue to ensure that the financial sector continues to play a key role in the growth of the country, and therefore called on players in the financial industry, to carefully address the rising cost of doing business in the country, by bringing down interest rates.

The Deputy Minister of Finance was concerned about the high default loan rate in the country, and said the government would soon come out with strategies and policies to address the situation.

He was also worried about the various banks shying away from mortgage financing, and called on them to reconsider their decision, and make Ghana's economy one of the best on the continent.

Mr. Kwetey, however, called for appropriate methods and strategies from the banking fraternity, in order to bring on board the unbanked in promoting the savings culture among the populace.

The Chief Operating Officer (COO) of the UT Bank, Clifton J. Best, said since the acquisition of the bank by the UT Group in December last year, the Group has worked tirelessly to ensure the future of the bank, sparring no reasonable expenditure of time, effort or money to ensure the creation of the bank, which builds on the UT's brand and culture.

He said the bank's focus in moving forward, is to ensure that its products and services delivery are simple but effective, and the best available in the market.

Mr. Best said, "The overarching strategy is to be recognised as the most efficient, customer-friendly bank, driven by people, processes and improved technology."

Among the products in offer by the UT Bank include Koowa Account, which is a savings account that requires a minimal balance to open, UT Ezwich Plus account and Unique Account, which enables its clientele to transact business on their accounts, while at the same time earn interest on the balances held with the bank.

Mr. Van Lare Dosoo, deputy Governor of Bank of Ghana, congratulated UT Holdings for taking the bold initiative to buy into a foreign company and rebrand it to compete favourably in the banking industry.

He advised the UT Bank to make consumer education part of its culture.

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