GN Bank Receives $20M funding from OPIC

GN Bank Ghana Limited, a subsidiary of Groupe Nduom, a multinational conglomerate, has received a $20-million funding from the Overseas Private Investment Corporation (OPIC) to support its $27 million expansion project.

The project, which began some three years ago, according to a statement issued to Today at the weekend by GN Corporate Affairs, had already helped to address challenges of access to safe banking and finance for poor and rural people across Ghana through the provision of banking services in remote areas.

The GN Bank expansion project, the statement said, is to provide close-to-client, safe and convenient banking in all the ten (10) regions of Ghana.

It disclosed that the on-going expansion project has led to the opening of full branches, money stores and small express banking services in virtually every district of the country.

The GN Corporate Affairs also in the statement noted that “the project has contributed to the bank-wide investments in technology and communications infrastructure to link these new branches together; the acquisition of vehicles for use at new branch locations and for mobile banking operations; and the purchases of equipment needed to begin operations at each new branch.”

“The project has supported the purchase of equipment to build out an extensive bank branch network in Ghana,” the statement added.

According to the statement, “this has enabled new staff of the bank to increase deposit-taking capabilities, with a focus on rural areas of the country, where clients are often “unbanked.”

In addition to providing financial services to rural Ghanaians, the statement said, the project was on course to create a number of job opportunities, largely for the youth who will be the bank’s Mobile Bankers in mostly, the rural areas of the country.

According to World Bank estimates, the statement pointed out, only around half of Ghanaians have access to a bank account, a situation that is pronounced in rural areas.

And it is along this reason that the statement said, GN Bank has become the leading regulated financial institution that had invested directly in helping to solve the huge gap of unbanked population in Ghana.

“GN Bank is living up to its “People’s Bank” slogan with retail banking approach which allows some bank accounts to be opened with as little as 50 pesewas.

‘The bank has successfully encouraged a savings culture among several thousands of people who have taken advantage of GN Bank’s combination of free life insurance cover and the highest interest rate on ordinary savings accounts in Ghana,” the statement added.

 

Story: FRANK OWUSU-OFORI, GN Corporate Affairs

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