Prudential Bank Limited (PBL) has held the second in a series of seminars aimed at sensitising customers to the judicious management of credit facilities. This follows the first seminar held for 180 customers in Kumasi recently.
The second seminar, held at the Eagles Lodge, Takoradi, attracted 105 participants made up of small and medium enterprises (SME), corporate and high-net-worth customers. The participants were taken through a number of topics that included business funding options, credit application procedures, credit facilities management, international trade finance options/requirements, as well as the bank’s electronic banking services.
The Head of Credit Administration (CA) of Prudential Bank Limited, Mr H. T. Ayenor, who was the lead facilitator, charged the participants to handle their credit facilities prudently, pointing out that some customers often applied for credit to fund genuine businesses, “but upon receipt of the credit, they divert same to fund other ventures that usually do not yield the expected returns”.
He advised the participants to adhere strictly to repayment schedules and proper interest cost management. “Overdraft facilities should be operated within the credit limits to avoid penal interest payments. It is also important to make regular lodgements to reduce the balance on the overdraft,” he added.
Mr Ayenor said Prudential Bank was well positioned to offer various funding options to its customers, including equity, short and long-term revolving, and standby loans. He cited other credit products of the bank as overdrafts, scheme/salaried worker loans and loans for churches.
Export-related facilities
“We also offer export-related facilities such as pre-shipment advance, export development and agricultural investment funding (EDAIF). Other non-funded facilities such as guarantees, bid securities, performance guarantee/bond, mobilisation guarantee and Letters of Credit etc. are all available for customers who are engaged in export and trade businesses,” he added.
In his presentation on international banking, the Deputy Head of the International Banking Department of Prudential Bank, Mr Patrick Odonkor, said international business was profitable but very risky and thus cautioned customers to take the necessary precautions when trading with overseas partners.
“It is important for customers to follow procedures carefully, particularly when it is related to making payments to companies abroad,” he stated. He further advised that customers should always respect deadlines for delivery of promised documents as failure to do so would affect future outward transfers.
The Head of the Internet Banking Unit (INU) of the bank, Mr Eric Taylor, introduced the participants to the bank’s e-banking service, netWise, and noted that the facility was launched as part of the bank’s efforts to help customers to save time and also operate their accounts more conveniently.
“You can check your balances, request for cheque books, query the status of your cheques and also view transactions on your accounts without visiting the bank. All you need is access to the Internet,” he told the participants and also assured them that “transactions carried out on netWise are done in real time”.
Good financial management
Some of the participants who spoke to the press expressed their delight at the netWise product and also thanked the bank for the seminar, which they said had made them aware of the benefits of effective banking and good financial management.
The two-day seminar was chaired by the Deputy Managing Director in charge of Banking Operations, Mrs Mary Brown, who assured current and potential customers of excellent products and efficient service delivery at all times.
The Head of Marketing & Corporate Affairs of the bank, Mrs Akosua Boahen, pledged the bank’s commitment to always bring its products, services and financial education to the doorstep of the customers and hinted that dates and venues for subsequent seminars would be announced soon.
Source: Graphic