Christened "UMB Centre for Businesses," it is expected to set a new standard in the delivery of SME banking services and enhance the competitiveness of UMB in the SME segment.

 At the inauguration of the centre in Kumasi, the Chief Executive Officer of UMB bank, Mr John Awuah, recounted UMB’s long and proud history of developing businesses in Ghana.

He stated that the bank was poised to restore its leadership position as the pre-eminent financial partner for businesses in the country.

He said another centre would be opened in Accra before the end of the year, and added that in the next five years, the bank would open similar centres in other parts of Ghana and the UMB Centre of Businesses would become a permanent and differentiated beacon in SME banking in Ghana.

“SMEs are unique and face peculiar challenges and that is why we have taken the bold step of setting up an operational infrastructure outside of our normal banking operations to cater exclusively to the needs of SMEs,” he said.

According to him, the UMB Centre for Businesses is not a UMB branch, but the cradle for developing all categories of businesses and entrepreneurs “from the woman who sells second-hand clothing to the young technology entrepreneur who has the next billion cedi idea.”

Holistic approach to SME banking

The Head of Business Banking of the bank, Mr Ernest Tetteh, also indicated that UMB takes a more holistic approach to SME banking by providing both financial and non-financial solutions to its customers.

According to him, the bank cannot grow SMEs by simply advancing loans to them and that is why the UMB Centre of Businesses will also provide world-class advisory services in areas such as corporate governance, business strategy, internal controls, business development initiatives, marketing and succession planning, among other things.

He emphasised that customers of the centre would have access to dedicated and experienced relationship managers and credit analysts. They would also enjoy quick transactions and the utmost convenience and confidentiality.

"To us at UMB, small businesses are big businesses and our ‘Big on Small Business’ mantra is amply demonstrated by the establishment of this centre. I encourage all business owners in Kumasi and beyond to take advantage of this Centre and they will be glad that they did,” he added.