AFB to accept deposits soon

Finance institution AFB has told Citi Business News it will begin rolling out a number of services in the next three months including deposits and a mobile money account system where customers will be able to withdraw and deposit money via their mobile money wallets.

AFB Ghana says the move follows calls from its customers to roll out these services.

AFB which begun moves to list on the Ghana Stock Exchange two years ago believes the move will expand their operations and create more convenience for customers.

In an interview with Citi Business News, Managing Director of AFB, Arnold Parker maintained the decision will enhance the company's growth opportunities on the stock market.

“We entreat Ghanaians to consider saving with AFB. We will ensure they get value for their money so that is the proposition we have to them,” he said.

He was speaking at the sidelines of the 'Facts and Figures' programme organized by the Ghana Stock Exchange in Accra.

AFB Ghana records significant growth in 2016

AFB Ghana reported significant improvement in its profit before tax for the 2016 financial year.

The company recorded a GH¢7 million profit before tax increase with a 30% growth in loan book, representing over 300% increase in the business.

Mr. Arnold Parker, Managing Director of AFB Ghana stated that, “The 2016 financial year has been a great one for the business compared to 2015. Our attention for 2016 was to focus on Balance sheet growth to increase profitability.”

The company's interest income for 2016 increased by 16% with provision decreasing by 14% year on year.

Its operating income also shot up by 45% as compared to the previous year's with operating expenses witnessing a marginal increase of 15%.

The head of Finance and Administration Ibrahim Obosu expressed optimism for the 2017 business year.

“We are confident about 2017 and the business prospects for the remaining financial year. We will continue to focus on balance sheet growth and profitability in 2017, with special attention pointed to the introduction of more innovative products and technologically driven sales channels on the market.” he acknowledged.

About AFB
AFB operates as a non-bank financial institution providing innovative financial service products to both public and private sector salaried workers through its 25 branches nationwide.

AFB Ghana is one of the largest Payroll Lenders in Ghana with a portfolio of over 80,000 customers.

By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana.