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18.11.2016 Business & Finance

Ghana Home Loans to start operations as a bank in 2017

By CitiFMonline
Ghana Home Loans to start operations as a bank in 2017

Mortgage house, Ghana Home Loans has disclosed to Citi Business News it will commence operations as a bank by the first quarter of next year (2017).

According to the CEO of the company, Mr. Dominic Adu, the company is anticipating to complete some pre-requirements to facilitate a smooth take off early next year.

“We have a provisional banking license that comes with conditions that we are satisfying now; included is the minimum capital requirements, recruitment requirements, manuals and technology deployment among others. We are hoping that we will go through that exercise within the next quarter so that by the first quarter next year, we will be running as a bank,” he noted.

Citi Business News early this year reported that Ghana Home Loans had been given a provisional license to operate as a Universal bank by the Bank of Ghana.

Speaking to Citi Business News Mr. Dominic Adu maintained that the new bank will change the phase of mortgage banking in Ghana.

“We may take time to fine tune exactly the products and systems to make sure they are up to the level that we expect our customers to experience so maybe in the second-third quarter you should see GHL Bank.” he remarked.

The coming on board of Ghana Home Loans will increase the number of universal banks in the country to thirty-four (34).

Ghana Home Loans joins three others; Sovereign Bank, Omni Bank and Premium Bank to have recently joined the list of universal banks operating in Ghana.

Meanwhile Ghana Home Loans has listed the tranche 1 and 2 of its 100 million dollars (380 million cedis) 5 year bond issued this year on the Ghana Fixed Income Market (GFIM).

By this, the mortgage house has commenced trading of 5 million dollars (20 million cedis) of the total amount issued on the Ghana Fixed Income Market (GFIM) effective Thursday, November 17, 2016.

By: Pius Amihere Eduku/