Former mortgage finance company Ghana Home Loans, now GHL Bank has formally began its operations today Wednesday December 6, 2017.
This follows a recent approval by the Bank of Ghana of the institution’s bid to become a full-fledged banking institution in the country.
The entry of the former mortgage financier into the banking market now brings the number of commercial banks in Ghana to thirty four (34).
Speaking to the media on this latest development, CEO of the new GHL Bank, Dominic Adu noted that prior to their entry into the banking industry, they were dependent on other banks in the country for their transactions even with the largest individual asset base.
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“What we felt was that it was time to provide a one-stop bank: where if someone takes a mortgage from us, we can actually provide all the other financial services that they may require in their livesâ€, he said.
The new banking boss expressed confidence that with its unique banking model, the country was set to see a revolution in its construction & mortgage industries.
The GHL Bank enters the banking industry at a time when there are widespread tensions among well established brands that are innovating in order to meet new capital requirements, or face being forced out of the market by the Bank of Ghana.