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Union Savings and Loans attains banking status

Union Savings and Loans Company Limited, has attained a banking status, changing its name to OmniBank Limited.


The company acquired a provisional universal banking licence in December 2015 after meeting the Bank of Ghana’s requirements in July to fully operate as a universal bank.

Speaking at the launch of the Bank, Mr Philip Mensah, the Managing Director of OmniBank said the new status would empower the financial entity to make more investments into the Small and Medium Enterprises (SMEs) sector, which was currently its major client base.

He added that the Bank would also provide opportunity for customers to transfer funds through mobile money to their bank accounts and vice versa.

He said the Bank aimed to achieve one million customer accounts by 2020, be the second quartile Bank by 2020 and target GH₵ 3 billion deposits by 2020.

The Managing Director said the event was an evidence of the Bank’s resolve to offer banking services that met the needs of prospective and existing customers with an ultimate aim of giving Ghanaians simple, affordable and convenient banking products and services.

Mr Mensah said the Bank’s vision was to be the number one bank for entrepreneurs development in Africa, create value for customers, employees, communities and stakeholders with its mission to provide rapid and exceptional banking services to clients through competent employees, extensive delivery channels and technology.

He said the bank would continue to invest to develop the intelligent, hardworking, and committed employees since they were the reason for the success of the company.

He said the bank would continue to position itself as the SME bank, saying the initiative is in line with its dedication to grow the next generation of African entrepreneurs.

“To consolidate our position as a dominant universal bank, we are entering the market with the latest products, free bank account for all and freedom mobile banking to enable everyone own a bank account for free and enjoy convenient banking transactions from any mobile device,” he added.

Mr Julius Debrah, Chief of Staff commended Management of the Bank for being an indigenous Ghanaian owned bank, adding that its objective of serving the needs of entrepreneur would create job opportunities for the teeming youth in the country.

He expressed optimism that by the next five years, more Ghanaian owned banks would emerge to broaden the scope of financial institutions, urging the Bank of Ghana to licence any qualified Ghanaian owned SME to operate as bank.

A speech on behalf of the Governor of the Bank of Ghana urged Management to play its role according to the required standards of the banking industry and avoid conflict of interest.

He encouraged Management to keep to its goals and chart a path to be outstanding, strive to work diligently, thoughtfully and tactfully and avoid short-cut to success.

Source: GNA/NewsGhana.com.gh

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