… it places 6th out of 23 banks in their share of balances held on mobile wallets
By Juliet ETEFE
Governor of the Bank of Ghana, Dr. Ernest Addison has commended FirstBank Ghana’s financial inclusion efforts noting that it placed 6th out of 23 banks in their share of balances held on mobile wallets.
He emphasised the significance of this, noting how it supports various transactions, utility payments, school fees payments, insurance products, and person-to-business (P2B) and person-to-person (P2P) payments.
Dr. Addison also encouraged the bank to further strengthen its systems and operations to continuously innovate electronic-driven services and tailor-made products catering to the needs of the unbanked population.
He was speaking at a rebranding ceremony held in Accraa to change the name from FBN Bank Ghana to FirstBank Ghana.
“The banking sector operations and services are rapidly evolving, driven by financial technology advances. The emergence of fintechs in the financial ecosystem, and their delivery of innovative financial products and services, has rejuvenated the adoption and diffusion of technology in every sphere of banking sector operations, which have supported the financial inclusion agenda.
“Let me use this opportunity to congratulate FirstBank for the work that it is doing in this area. The latest data on the float balances with the Banks showed that FirstBank placed 6th out of 23 banks in their share of balances held on mobile wallets, supporting various types of transactions, utility payments, school fees payments, insurance products, and their P2B and P2P payments.
“I would therefore encourage the Bank to strengthen its systems and operations to continuously churn out innovative electronic-driven services and tailor-made products that cover the needs of the unbanked population,” he stated.
ESG
He further urged FirstBank Ghana to explore opportunities for green funding, leveraging Environmental, Social, and Governance frameworks to support sustainable lending practices.
He cited the Green Climate Fund (GCF) allocation of US$1.26 billion for climate action in emerging countries and other similar funds.
“I would like to encourage FirstBank to leverage the Environmental, Social and Governance frameworks to attract green funding to support their lending activities. For example, the Green Climate Fund (GCF) has allocated US$1.26 billion for climate action in emerging countries. To access this and other similar funds, I would encourage FirstBank to seek accreditation status by the GCF,” he encouraged.
BoG will remain vigilant
He noted that to protect depositors, while ensuring the stability and soundness of the banking system, the Bank of Ghana will continue to be vigilant to ensure that banks comply with regulatory requirements and guidelines to build trust and confidence in the financial institutions.
Dr. Addison commended FirstBank Ghana’s journey, tracing its roots back to the FirstBank Group’s establishment in Nigeria in 1894.
He then acknowledged the challenges of brand confusion with similar entities and lauded the decision to rebrand as FirstBank Ghana, aligning with its parent company’s identity.
“Let me once again congratulate the Management and staff of the First Bank Ghana Limited on this milestone to reinforce the bank’s footprint in the industry. I would like to encourage FirstBank Ghana to deliver on its brand promise and commitment to clients and stakeholders. Congratulations on your 130th Anniversary celebration and a successful name change,” he said.
Successes
FirstBank Ghana is currently ranked as the number one bank and financial institution on Ghana’s Club 100 list, at the overall position of 10th.
Recently, the bank was named “Bank of the Year” at the 2nd Ghana Finance Focus Awards. In 2023, the bank won over 25 institutional and individual awards.
For the past 28 years of operating in Ghana, FirstBank Ghana has experienced remarkable growth, achieving strong financial performance and expanding its accessibility to customers.
