After receiving an approval from the Bank of Ghana to become a savings and loans company in 2006, First National, will this year begin to operate as a commercial bank after securing another nod from the central bank.
According to sources close to the company, it already has the structures and branches in place and will thus begin operations soon.
The savings and loans company is also planning to focus more on small businesses as part of its strategy to penetrate the market.
First National’s admittance would now bring the total number of commercial banks operating in the country to 28.
“We aim to become, the people’s bank. We will maintain a strong social-enterprise culture to help improve the standard of living of all Ghanaians”, Chief Executive, Patrick Anumel said.
He also revealed that First National will build a foundation for entrepreneurship through access to finance.
“We will be a universal bank with a difference — go where other banks are not willing to go to bring banking to people currently excluded from the formal banking system throughout the country” Mr Anumel added.
First National is one of the fastest growing financial institutions in Ghana with retail banking branches in all 10 regions in Ghana.
Business World (with notes from myjoyonline)