Union Savings & Loans to start OmniBanking service
Union Savings and Loans (USL), one of the entities in the Jospong and Zoomlion Groups of Companies would in the next few weeks introduce a new service called OmniBanking, which promises to bring banking to the door step of traders across all markets in Ghana.
Managing Director of USL, Philip Oti Mensah announced this at the inauguration of the company's new two-storey head office building near Dzorwulu junction in Accra.
The new head office also comes with an additional branch of the company and its former head office building at Abossey Okai in Accra also remains a branch to serve customers within the Abossey Okai and Agbogbloshie markets catchment area.
The MD said branch expansion is key to the company's approach to serving customers realising its “rapid banking, exceptional service” agenda, and that was one of the main reasons for introducing OmniBanking.
He explained that the company aims to provide convenience especially when it comes to cash deposits and so under the OmniBanking model, the company would spread kiosks/cabins across all the markets in Ghana and in other strategic areas to enable people easily make deposits as many times as they prefer every day.
Mr. Mensah noted that in spite of many efforts towards realising a cashless economy around the world and in Ghana, 50% of the world's cash is still outside of the banking sector, and in Ghana the figure is estimated at more than 70%.
He said USL believes in the cashless agenda which the Bank of Ghana is driving, but it also we want to have a pragmatic approach towards that agenda by focusing its energies on dealing with the challenge of lack of cash deposit convenience, which still remains unsolved.
“The reality is that the market woman at Makola, Kumasi Central Market or Takoradi Market circle, or your everyday trotro driver, will lose time and money trying to deposit cash at the nearest bank branch. Thus they end up keeping cash under their pillows and in their shops,” he observed.
Mr. Mensah said to solve this challenge many financial institutions have resorted to the labour intensive, highly risky susu model and in some cases deposit taking ATMs.
He said Union's pragmatic answer is the OmniBanking model which combines mobile technology, less labour and the low cost kiosk banking model at the door step of customers.
According to him, the kiosks were created by USL, Zoom Cabin and Global Media Alliance, and they are due to be mounted and “be seen everywhere” in the next couple of weeks.
“OmniBanking will also partner with RevSol, DSTV, Zoom Alliance, MobiCollect, ECG, Ghana Water Company and e-zwich to make their collections easy and affordable,” he said.
Mr. Mensah gave assurance that the design of the product has covered the necessary risk management measures including insured low cash limits, quick bullion van support services, and assurance that no cash or property will be kept overnight in kiosk.
He also noted that USL would be introducing e-banking services including mobile-banking, SMS banking, internet banking and ATMs across the country.
This, he said, was part of the company's passion for the use of technology to give its customers the highest quality and most comfortable service.
Mr. Mensah assured the public the USL is passionate about getting the highest quality human capital who also have the right attitude, knowledge and skills to deliver on its promise of 'rapid banking, exceptional service.'
“We are extremely thorough with our staff selection and we give opportunities to both experienced bankers and young graduates to join our team. Having the right people does not only give us the leverage of actual quality, face to face service delivery on a daily basis, but also the best brains to create innovative , technology-based and tailored products and services to satisfy our target clients.”
USL has been in operations for 24 years. It seeks to become one of the top three Savings and Loans companies by 2015 and a bank by 2017.