The 23 Universal Banks that are present in Ghana after the country’s 400M recapitalization

A universal bank in Ghana is a financial institution that is licensed to provide a wide range of financial services, including retail, corporate, and investment banking. These banks are allowed to engage in various activities without needing separate licenses for each service, which is in contrast to the traditional three-tier banking model where banks were categorized as commercial, development, and investment banks.

In alphabetical order

1. Absa Bank Ghana Limited
2. Access Bank Ghana Plc
3. Agricultural Development Bank of Ghana
4. Bank of Africa Ghana Limited
5. CalBank PLC
6. Consolidated Bank Ghana Limited
7. Ecobank Ghana Limited
8. FBN Bank Ghana Limited
9. Fidelity Bank Ghana Limited
10. First Atlantic Bank Limited
11. First National Bank Ghana
12. GCB Bank PLC
13. Guaranty Trust Bank Ghana Limited
14. National Investment Bank Limited
15. OmniBSIC Bank Ghana Limited
16. Prudential Bank Limited
17. Republic Bank Ghana Limited
18. Société Générale Ghana Limited
19. Stanbic Bank Ghana Limited
20. Standard Chartered Bank Ghana Limited
21. United Bank for Africa Ghana Limited
22. Universal Merchant Bank Limited
23. Zenith Bank Ghana Limited

The influx of foreign banks, especially from Nigeria, has led to intense competition in Ghana’s banking industry. This competition is expected to drive innovation, improve services, and increase efficiency.

The Bank of Ghana implemented various regulations aimed to strengthen the banking sector, including the minimum capital requirement of GHS 400 million for universal banks. The outcome led to consolidation and mergers among banks, the resulting of which is two edged.

Banks are expected to focus on providing specialized services to Small and Medium Enterprises (SMEs), including advisory services and tailored financial products. This will help to support the growth of these businesses and contribute to the overall economic development of the country.

Banks are likely to form partnerships with fintech companies, mobile network operators, and other financial institutions to leverage each other’s strengths and improve their services. This will help to drive innovation and increase financial inclusion.

The future of banking in Ghana is expected to be shaped by several factors, including technological advancements, increased competition, and government regulations. The adoption of digital technologies is expected to continue, with banks focusing on providing mobile banking services, online platforms, and other digital channels to increase financial inclusion and improve customer experience.

More Information ℹ

• The Changing Face of Banking in Ghana and the Implications for Ghana’s Economy