“Quitters never win, and winners never quit”
****This article was first published in February 2020***
Whenever I watch how some local entrepreneurs’ businesses collapse, causing loss of jobs and reputational damage, I find myself filled with mixed emotions. However the interesting thing about famous successful personalities who “fail” is, THEY LEARN...
“Someone is sitting in the shade today because someone planted a tree a long time ago” Warren Buffet
I wish to dedicate this article to two groups of people: The first group is the Board, Management and Staff of Universal Merchant Bank, (UMB), formerly known as Merchant Bank (Ghana)...
“If you make customers unhappy in the physical world, they might each tell SIX friends. If you make customers unhappy on the Internet, they can each tell SIX THOUSAND friends.” Jeff Bezos
Customer Exits and Risk
Dear bankers, I am sure you have all gone through a painful customer exit...
“Your most unhappy customers are your greatest source of learning” ~ Bill Gates
The bank and customer relationship or the contract terminates by closure of the account at the request of either party. This can be by mutual agreement, or after a customer has transferred the balance on the account.
However, by...
According to the Central Bank’s Domestic Money Bank’s Income Statement, a total of GHS2.086 billion was written off as bad debt by banks operating in Ghana. The total bad debt stock was 4.7% less than that of 2020 which was GHS2.183 billion.
Dear readers, last week, I shared some sentiments...
The issue of problem loans is an albatross that keeps rearing its head in the affairs of financial institutions in both and advanced and less advanced economies. Granting loans is one of the core functions of banks.
What are the effects of bad loans?
A bank with high percentage of bad...
Segregation of duties in the traditional lending process
Despite the innovation and technological advancements in Banking, the SoD policy still runs supreme in all its operations. Banking depends on trust, but it is not absolute. It is better to say “Trust, but verify.” Many friendships have been broken because...
“Explanation is not half as strong as experience, but experience is not half as strong as experience and understanding.”… Mark Z Danielewsky
Welcome to Part 3 of this series. Segregation of duties is a key principle in financial control, aiming to reduce the risk of fraud and error. It...
“Learn everyday, especially from the experiences of others. It is cheaper’… Jim Bogle
Dear Reader, I hope my last article refreshed your memory of some basic banking concepts which can never be replaced or done away with. The fraud case involving the American banking officer happened in a traditional...
“...I say, that Power must never be trusted without a check.”
― John Adams, Adams-Jefferson Letters
This article is an extract from one of the chapters in my book- “The Modern Branch Manager’s Companion” published in March, 2021. Segregation of duties is an ever-ready principle in banking that sometimes get under-rated. Please...
