The central bank announced that banks have until December 2018 to meet the new minimum capital requirement with those unable to meet the deadline likely to face repercussions which could include the loss of their banking licence. The new minimum capital requirement is a 233 per cent increment over the old GH¢120 million benchmark that is currently in operation.
Customer Service Week
Mr Yeo gave the indication in an interview with the GRAPHIC BUSINESS at the launch of the bank’s Customer Service Week last Thursday in Accra.
This year’s Customer Service Week was designed to celebrate the commitment of customers who have stayed with the bank for 20 years or more.
Mr Yeo described the new capital requirement as a good move by the central bank that could trigger the growth of banks in the country when fully implemented.
“The new requirement is actually a good move by the BoG because the country needs bigger banks that can withstand economic shocks and this recapitalisation will ensure that banks take the necessary steps to expand their operations and increase revenue,” he said.
He said SG had been anticipating changes in the minimum capital requirement for a while and had made significant adjustments to be able to meet the deadline ahead of the announcement by the BoG in September this year.
“We knew that there was going to be some changes in the minimum capital requirement, but we were waiting for the money involved so yes we will be able to meet it and we have been working towards that even before the announcement,” he said.
“Since 2015, our bank has embarked on an in-depth transformation programme to standardise and achieve growth with the ultimate aim of improving our quality of service and enhance customer experience,” he added.
Mobile money and mobile bank
He also indicated that the bank was in the final stages of preparation to launch a mobile money platform dubbed YUP, that would augment the Mobile Bank project that was launched by the bank last year to ease customers operations.
“This key innovation of the bank delivers services to the doorsteps of institutions through the use of a specially equipped van which will provide customers with information on products and services of the bank and provide access to a fully functioning onboard ATM,” he said.
“You can make payments to any mobile network and make bill payments as well with our soon to be launched mobile money platform but the good thing is that you won’t need a smartphone to do this and we are deploying over 100 personnel to assist you.”
Mr Yeo expressed his appreciation to customers of the bank who graced the event, some of whom had been customers of the bank for 40 years and assured them of the bank’s commitment to evolve to meet their needs.
“As you know, our bank, with the aim to give you an unmatched banking experience, has been evolving over the years of which you our cherished and valuable customers have been a part of. It therefore puts currently at your disposal 42 networked outlets across the country,” he said.
Societe Generale Ghana is one of the leading banks in Ghana with 42 networked branches across the country. The bank provides retail, corporate and SME clients with dedicated innovative products and services aimed at anticipating customers' needs.