FirstBank targets high-net-worth individuals with new private banking service

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FirstBank Ghana, leveraging its nearly three decades of experience in the country and 130 years of regional expertise, has introduced a private banking and wealth management service aimed at the nation’s growing high-net-worth segment.

The new offering seeks to help affluent Ghanaians protect and grow their wealth through personalized investment strategies, including opportunities in real estate and international markets.

This move comes as Ghana’s economy continues to recover from recent debt challenges, with a growing class of wealthy individuals seeking sophisticated financial services.



“This particular product focuses on the individual who has some wealth that they want to protect,” said Victor Yaw Asante, Managing Director and CEO of FirstBank Ghana, at the launch event. “As you know, if you have wealth and you don’t protect it, what will happen is that you may lose value, perhaps through depreciation, through inflation, and all of that.”

FirstBank’s private banking service will allow clients to access investment opportunities beyond Ghana’s borders, differentiating it from more localized offerings. The bank aims to capitalize on expertise developed across its various African operations.

While several Ghanaian banks already offer wealth management services, FirstBank believes its extensive regional experience gives it a competitive edge. The bank has been operating across West Africa for 130 years, though its Ghana operations are relatively younger at nearly 30 years.

“We have been rolling out these products throughout our geographies, and therefore we have gained some expertise which we think is a very important differentiator,” Mr. Asante explained. “That expertise will come to bear in our offering.”

The bank’s executives emphasized that the service isn’t targeting market dominance but rather addressing existing customer needs. FirstBank Ghana already serves numerous clients who have been requesting such services, according to managing director.

Idowu Adebayo Thompson, Group Executive for Private Banking and Wealth Management at FirstBank Nigeria, highlighted changing wealth patterns in Ghana and across Africa during the launch event.

“We’ve seen things move from the days of our parents back then, people who made money from resources – cocoa, timber and a lot of that,” Mr. Thompson noted. “You’re seeing a lot of young people coming into things like technology. You’re seeing unicorns, which are companies with a valuation of over a billion and higher, coming out of Africa as well.”

He pointed to sectors like real estate, infrastructure development, technology, and agricultural processing as key areas of opportunity for wealth creation in Ghana.

The Group Executive cautioned potential investors to diversify their holdings and be wary of too-good-to-be-true investment schemes.

“If it’s too good to be true, then it’s too good to be true,” Mr. Thompson warned. “Don’t invest in things that are esoteric, things you do not understand.”

Ghana’s financial sector has seen significant growth in specialized services targeting different customer segments. FirstBank Ghana already offers premium banking, SME banking, corporate banking, and public sector banking channels. The private banking service represents its latest effort to segment its customer base according to specific needs.

FirstBank’s new offering comes as Ghana continues to recover from economic challenges, including high inflation and debt issues.

Mr. Thompson expressed optimism about Ghana’s prospects, noting that the country “is at the frontier of many changes, even though silently.”

The bank hasn’t provided specific investment thresholds for the private banking service, suggesting that offerings will be tailored to individual client needs and risk appetites. While real estate was highlighted as a potential investment area, executives emphasized the importance of diversification across asset classes.

The service will officially launch later this year, with FirstBank Ghana leveraging its existing service centers and touch points to reach potential clients.