The Bank of Africa, Ghana, (BOA) has outlined its intentions to consolidate its position in Ghana’s retail banking sector with the launch of five new products.
The products, which is targeted at all sections of the Ghanaian society, include an educational loan, a public ambitious savings plan, My Business Pack employee pack and a public sector pack.
Explaining the new products to the press in Accra on Monday, Head Sales Coordinator for the BOA in Ghana, Mr Quaye, said the products were unique to the market in Ghana and looked to address many of the problems Ghanaians had with banking.
He said the business pack was a bundle product and services offer for small shops and outlets operating in the informal sector.
The Deputy Managing Director of BOA, Ghana, Mr Ronald Marambii added that the new products provided a ‘win win situation for the bank’ as they not only allowed BOA Ghana ‘to serve the community’ but also give the bank the opportunity to expand its business while making the ‘sort of returns stakeholders want to have’.
He also outlined the company’s plans for further packages to be unveiled later by the corporate and retail sectors, all with the aim of further establishing the BOA in Ghana.
He claimed that these new products would make banking more affordable by shrinking processing costs, lower the cost of borrowing rates and give easier access to funds when most needed.
After establishing bases in 14 countries across the continent, BOA Ghana opened in the country just over a year and a half ago. This launch was said to mark the final stage in the company’s three-step plan to raise its profile in Ghana
Speaking to the press after the launch, Mr. Marambii said the BOA had dealt with the corporate side of its operations in the country and now wanted to do the same for the retail end of the business.
He said ‘with these products, we feel confident that our customers have solutions unparalleled in Ghana’.
Mr Marambiii added that the new products provided a ‘win win situation for the bank’ as they not only allowed BOA Ghana ‘to serve the community’ but would also give the bank the opportunity to expand its business while making the ‘sort of returns stake-holders want to have’.
He also outlined the company’s plans for further packages to be unveiled later on in the year aimed at both the corporate and retail sectors all with the aim of further establishing the BOA in Ghana.
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