Bank of Ghana-Accra

Profile and history of banks in Accra Ghana

The profile, history and status of Banks in Accra, Ghana. Read about the beginnings these instructions and how they stand today.

Absa Bank

Situated in Johannesburg, South Africa, and listed on the Johannesburg Stock Exchange, Absa Group Limited is a multinational banking and financial services conglomerate.

Access Bank

Owned by Access Bank Group, Access Bank Plc, also referred to as Access Bank, is a multinational commercial bank based in Nigeria. The Central Bank of Nigeria, the country’s banking authority, has granted it a license. In 2012, the corporate bank branched out into personal and business banking.

Agricultural Development Bank

A comprehensive range of banking products and services in the areas of consumer, corporate, parastatals/public sector, SME, agribusiness, trade, and e-banking are provided by Agricultural Development Bank PLC, a universal bank. Its primary activity is universal banking, with an emphasis on agricultural development. On December 20, 2016, the Bank had a successful listing on the Ghana Stock Exchange. In order to create the required laws, plans, and procedures for the establishment of a specialized bank for the provision and administration of credit and other banking facilities in the agricultural sector, Bank of Ghana established a Rural Credit Department in 1964.

Bank of Africa

With 26 branches already operating in six districts of Ghana, the bank’s expansion strategy aims to bring banking closer to both present and prospective customers. The goal of Bank of Africa is to satisfy its customers’ banking needs while offering them outstanding services that are convenient. This stance has influenced the bank’s ongoing technological investments to enhance client satisfaction and offer safe and secure banking. BANK OF AFRICA implemented the Customer First Model, which gives consumers the benefit of a one-stop shop in the banking halls, in order to further carve out its place as a customer-focused and model retail bank.

CalBank

In July 1990, CalBank opened for business as Continental Acceptances Ltd. Later, it changed its name to Cal Merchant Bank and began offering top-notch financial services to Ghanaian corporations and businesses.

Ecobank

With operations in 33 African countries including Accra Ghana. Ecobank is a pan-African financial institution. Prior to then, it was called Ecobank Transnational Inc. It is the leading independent regional bank in West and Central Africa, catering to both retail and wholesale customers. It also maintains subsidiaries throughout Eastern and Southern Africa.

Fidelity Bank

In October 1998, Fidelity opened for operation as a Discount House. Fidelity Discount House was the go-to discount house because of her inventive and alluring financial product offerings, which drew in a wealthy clientele. It made sense to enter the banking industry because our clients demanded a more meaningful and complex business connection due to the high caliber of services provided. We were granted a universal banking license on June 28, 2006.

First Atlantic Bank

The bank’s primary function when it was launched in 1995 in Accra was that of a commercial bank. The Bank of Ghana granted it universal bank status in 2011. The Bank of Ghana issued an order in September 2017 requiring all Ghanaian universal banks to raise their required capital reserves from GHS:120 million to GHS:400 million. In December 2018, First Atlantic Bank and Energy Bank Ghana amalgamated to meet the heightened capital requirements set forth by the Bank of Ghana. The United Corporation was renamed the First Atlantic Bank.

First National Bank Ghana

First Bank Ghana Limited’s parent business is First Bank of Nigeria Limited, which is the biggest bank in Nigeria and West Africa. In November 1996, International Commercial Bank—previously known as FirstBank Ghana Limited—began operations in Ghana. When First Bank of Nigeria Limited purchased a 100% equity stake in the ICB’s West Africa Operations in 2013 and the Bank of Ghana authorized the deal, the bank’s name was changed to FirstBank Ghana Limited.

Guaranty Trust Bank

The Bank of Ghana granted Guaranty Trust Bank Ltd. a universal banking license on February 23, 2006, after the bank was registered in October 2004. This allowed the bank to open for business. The Bank is a division of Guaranty Trust Bank Plc, a leading Nigerian bank and the first locally owned bank in Sub-Saharan Africa to list on the London Stock Exchange. The first bank of the new generation with an African foundation to be granted a banking license to conduct fully functional commercial banking operations in the United Kingdom was GTBank Plc in 2008.

Standard Chartered

An 80% subsidiary of Standard Chartered, Standard Chartered Ghana is a financial services and banking organization with operations in Ghana. They are listed on the GSE All-Share Index, the stock index of the Ghana Stock Exchange. With a history dating back to 1896, this is among the oldest businesses in Ghana. It acts as a stand-in for the Bank of British West Africa in Ghana. A vast array of financial products is provided by Standard Chartered Bank to the corporate, retail, and commercial markets. In addition to transactional accounts and electronic banking services, the company provides full-service products like foreign exchange and currency accounts, trade and working capital solutions, international trade accounts, personal overdraft and unsecured loans, bancassurance, and asset protection services.

Standard Chartered Bank head office at Ridge at night
Standard Chartered Bank head office at Ridge at night

National Investment Bank

The Bank’s history dates back to the conclusion of World War II. The Association of West African Merchants spearheaded a widespread boycott of foreign products in response to indigenous agitations against them. The colonial government made the decision to create a body that would make it easier for private indigenous people to engage in commerce. For this reason, the Gold Coast Industrial Development Corporation was founded in 1952 with budgetary appropriations so that it could give financial assistance to the natives so they could start their own enterprises.

OmniBSIC Bank

Originating from the merging of Sahel Sahara Bank and the former OmniBank, OmniBSIC Bank is a fully functional universal bank in Accra Ghana. The Bank of Ghana (BOG) implemented a banking sector consolidation program in 2017, which prompted the merger. Among other directions, the program increased the minimum capital requirement by nearly four times.

Prudential Bank

In Ghana, Prudential Bank Limited—also referred to as Prudential Bank—is a private commercial bank. The bank’s main office is in Ghana’s capital and largest city, Accra, at 8 John Hammond Street, Ring Road Central, Kanda. The bank was founded in 1993, and its first branch opened in Accra on August 15, 1996.

Republic Bank

The bank was established as a private limited liability business on May 7, 1990. Initially, it held a license to provide mortgage financing. It started operations on December 2, 1991. The company, which was formerly known as Housing Finance Company Ghana Limited, was granted a non-bank financial institution license by the Bank of Ghana on August 1, 1994. From Bank of Ghana, universal banking status was obtained on November 17, 2003.

Stanbic Bank

In compliance with the Financial Advisory and Intermediary Services Act, Standard Bank is authorized to offer financial services. It is also classified as a credit provider under the National Credit Act and has registration number NCRCP15. Ghana’s banking and financial services sector has significantly improved over the last 20 years in terms of the quality of services provided and the availability of top-notch financial products and packages.

United Bank for Africa

In 2004, United Bank for Africa Limited led the way in bringing in a new wave of international banks to the nation.
Over the course of the previous thirteen years, UBA Ghana’s presence in the Ghanaian banking sector has propelled the sector to a higher performance level where competition and inventiveness in meeting client needs have emerged as the primary drivers.

Universal Merchant Bank

With its main office located in Accra, the Universal Merchant Bank was formerly known as Merchant Bank Ghana Limited. The Universal Merchant Bank was founded on March 15, 1972, and it started out as a merchant bank. Following the acquisition of a universal banking license in 2005, the organization gradually broadened the scope of its offerings to include retail banking.
The bank’s main office is located in Accra, Ghana’s capital.

Zenith Bank

In September 2005, the Bank of Ghana granted a Universal Banking Licence to Zenith Bank Limited, a subsidiary of Zenith Bank Plc, allowing it to offer financial services in accordance with the modified Banking Act, 2004. The business was established as a private limited liability company in April 2005, Accra Ghana in accordance with the Companies Code, 1963.

For further reading

Other types of financial institutions in Ghana

  1. Investment Banks
  2. Retail and Commercial Banks
  3. Credit Unions
  4. Mortgage Companies
  5. Savings and Loan Associations
  6. Brokerage Firms
  7. Insurance Companies