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Business News of Monday, 28 November 2016

Source: B&FT

OmniBank targets 1m accounts; GH¢3bn deposits by 2020

Managing Director, Philip Oti-Mensah Managing Director, Philip Oti-Mensah

OmniBank has been officially unveiled with the promise to focus on the development of entrepreneurs and Small and Medium Enterprises (SMEs).

As the 32nd universal bank in the country, OmniBank has metamorphosed from Union Savings and Loans to become a bank and is poised to compete with the big players but with the focus on small businesses and the informal sector.

As a new bank, OmniBankis targeting 1million customer accounts, second quartile bank status, GH¢3billion deposits portfolio, all by 2020. Other targets include becoming the friendliest and most reliable bank, number one retail bank in Ghana, serving customers in every corner of the country, and represent the ‘The Bank for All’.

Managing Director, Philip Oti-Mensah, said at the official launch ceremony, which came off at the East Legon premium branch in Accra, the vision of OmniBank is to be the number one bank for entrepreneurs’ development in Africa creating value for customers, employees, communities and shareholders.

“I am confident that our vision will be achieved mainly because we have not changed our approach to employee development. We shall continue to invest heavily to develop our intelligent, hardworking and committed employees.

“They have been the reason for our past successes and shall be the reason for our successful ambitious future. We have been doing extensive training in the past six months towards our new status. We have set up a training centre here at East Legon and have developed extensive programmes for our staff,” he added.

Recounting how far the bank has come, Mr. Oti-Mensah noted that after three years of restructuring and rebranding a small savings and loans company, the journey is now beginning.

“We see today to be the beginning of another important journey to becoming a key player in the Ghanaian financial service sector with the ultimate objectives of giving Ghanaians simple, affordable and convenient banking products and services.

The Head of Banking Supervision at the Central Bank, Raymond Amanfu, assured the bank of the BoG’scooperation and support but would not hesitate to crack the whip as it seeks to become the preferred bank for entrepreneurs and SMEs.

“At the heart of a bank that needs to be preferred by all, is good corporate governance. Let me urge you as management team and board of directors to play your role very distinctly and avoid conflict of interest situations.

You must keep to your goals and objectives, chart your path to make you outstanding in your field. As a regulator we will watch you on the sidelines, support you, encourage you but crack the whip when we need to crack it. As a savings and loans previously, we treated you like a baby, but now that you have grown teeth and you can bite, we will crack the whip harder, if you go wrong,” he said.

“I know you have the desire and ability to comply, we will support you. I have to emphasis the role and importance of risk management practices in your bank as a very critical tool for the success of your bank. Keep and play by the rules and do your best to keep to your core function and I believe you will be rewarded for that and you will succeed in your objective,” he added.

The Chief of Staff, Julius Debrah, who served as the guest speaker, with excitement noted that, the coming on board of OmniBank shows that when Ghanaian entrepreneurs are given the chance, they can make the difference needed and the Central Bank should allow the creation of more local banks.

“I am so excited that today as we stand here, to unveil an indigenous or Ghanaian bank. Even though we have reached the 32nd bank, I encourage the governor of the Central Bank that any Ghanaian entity that qualifies to run a commercial bank I will encourage you to licence them.

“This is because if for nothing at all, they will create jobs. I believe Ghana has come of age and because we want to expand our economy we have to encourage our brothers and sisters who have the capacity to be able to support the banking industry. I will be very happy that in the next four or five years we will see very many Ghanaian-owned banks,” he noted.

Joseph SiawAgyapong, Executive Chairman of the Jospong Group, which owns OmniBank, urged the staff and management of the bank to treat the bank as the only on in the country, work hard and make it the greatest bank in the country.

“See this bank as the only one you have and make it yours, develop it as yours, and work for it as yours. This is the motivating factor that moves me to do what I do. As far as you look and walk, you will achieve,” he said.

He added that GH¢3billion target is a potential but “if you have the mindset that you will work to achieve it and stay focused you will achieve it. I wish you all the blessings. If you work hard, eventhough you are 32nd bank, you can become the top bank in the country,” he said.