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

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.

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.

More Information ℹ

001
Gabby
Gabby

Inspiring readers to expound the possibilities of the unfolding World