[Ghana] GCB Bank trains eyes on internet banking, expansion to bolster earnings

The Managing Director of GCB Bank Ltd, Mr Anselm Ray Sowah, has announced initiatives aimed at repositioning the Bank as the gold standard for banking in the country. The initiatives include the rolling out of a mobile wallet and mobile app, launching of a new internet banking portal with business solution and agency banking. These are to come into fruition by July this year.
Speaking at the “Facts Behind the Figures” platform of the Ghana Stock Exchange in Accra, Mr Sowah said the Bank is diversifying its stream of income by venturing into other viable areas of the Ghanaian economy.
He listed the setting up of GCB Securities, prosecuting of fixed income and currency trading.
 Aside these, he announced that the Bank was exploring the possibility of entering the ECOWAS Sub-Region and the Insurance industry.
Mr Sowah explained that to improve on operational efficiency and offer convenience to customers and other stakeholders of the Bank, the Central Processing project has been completed while work on front office automation would be accomplished in June this year.
 Responding to a question on the laying off of some staff acquired from the ex-UT/Capital banks, the MD explained that the staff affected either did not meet the basic requirement for employment of GCB or had fictitious certificates.
He said the purpose for laying-off 120 such staff was not based on cost cutting as was being speculated.
The Deputy Managing Director of the Bank in charge of Finance, Mr Socrates Afram, who spoke on the performance of the Bank, said GCB had seen an improvement looking at the macro-economic indicators of the country.
He explained that decisions are taken with premium responsibility to the security of shareholder funds and the economy of Ghana.
The Deputy Managing Director of the GSE, Mr Ekow Afedzie, described GCB as the biggest Ghanaian bank with 91,000 shares on the stock adding that this helps with liquidity on the bourse.
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