Union Savings and Loans Company would soon be known as OmniBank Limited. The transition comes about after the company had met the central bank’s requirement to enable it operate as a developed universal bank.
Currently, the bank has a capital asset of over 140million cedis and is targeting over 3 billion cedis in 2020 and this was made known by the Managing Director of Union, Mr. Philip Mensah.
“We have grown our capital from 4 million cedis to over 140 million in the short period. Just three years ago, we were at the bottom but now we are number one,” he said.
Addressing clients at the Transition Engagement ceremony which was held at the Holiday Inn Hotel, Mr. Philip Mensah noted that told Union wouldn’t abandon its core mandate of satisfying the needs of the Small and Medium Enterprises (SME) as it moves on to operate forex accounts.
“We are coming into the market with two exciting messages; the first message is the free bank account for all. No COT, absolutely free. We are still SME focused and will serve clients in the SME sector,” he said.
“This transition means that we will be able to overcome two of our biggest challenges. The first challenge is forex. Currently as Savings and Loans Company we are not able to directly do foreign currency transaction. As a bank we will be able to this,” he said.
One good thing about the transition to customers is that payments through third party accounts would be scrapped. OmniBank has the banking status to allow customers to transfer money abroad and receive funds at lower cost. At faster and lower cost, OmniBank would also have the ability to clear cheques of its clients.
“Customers can walk into our banking halls and open this account. The other important change is that we are able to go to the clearing house directly,” he added.
Source: Chris Joe Quaicoe/ email: [email protected]
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