Indigenous Banks Should Be Patronized, Ndoum Urges Ghanaians

Indigenous Banks Should Be Patronized, Ndoum Urges Ghanaians

- in Business

Dr. Paa Kwesi Nduom, the president of Group Nduom, is urging Ghanaian individuals, stakeholders and other businesses to patronize indigenous banks so that the financial resources would remain in the local economy for rapid development in Ghana.

He had cited a notice that the well developed countries in the world with stabilized economies, built their successes through indigenous banks and mentioned the Barclays bank of England and the GB Morgan of the United States as classic examples.

Dr. Nduom said this at the opening of a new branch of GN bank in Axim in the Nzema East Municipality of the western region. He urged Ghanaians to support local banks to remain formidable and competitive on the financial markets so that it could support the Government and Ghanaian entrepreneurs.

He said again that the bank would be listed next year on the stock exchange in order to help people buy shares and some partners would receive annually dividends. An assurance was given that the bank would offer loans to businesses and individuals who seeks for it. He entreated beneficiaries to pay back loans in time to help give assistance to others also.

Mr. Kofi Asamoah Siaw, the general manager of GN bank, said that the bank has stretched other branches at various localities, summing up to 267 across the country providing services and products including; money transfer, kiddy account, life insurance policy and future education plan known as “wo daakye account”. He said one could open an account with just 50 pesewas and earn nine per cent interest per month which goes as beneficiary to the individual.

Speaking to Mohammed, self employed, about his view on patronizing indigenous banks, he said that most of these banks have less branches and difficult to access them when one is in need and also he feels insecure with such banks that’s why he doesn’t patronize such banks

Another lady, Bella, nursery teacher also agreed to the view because such banks have less requirements when creating a bank account and also have personnel who goes around to take money from customers when they are not able to go to the bank themselves to deposit it and this helps them one way or the other ..


Story by: Sherifa S. Lutterodt and Rebecca Mensah(Diploma 1B)


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